+
 Creditors may auction Imagicaaworld Entertainment this month
Real Estate

Creditors may auction Imagicaaworld Entertainment this month

Bollywood film producer Manmohan Shetty's entertainment theme park, Imagicaaworld Entertainment, could be auctioned by lenders later this month.

Privately owned Malpani Group, with interests in real estate and theme parks, has given an updated offer of Rs 575 crore to procure the debt-laden asset. Malpani Group's sweetened offer comprises Rs 500 crore in upfront payments and a 15% share to the lenders upon conversion of Rs 75 crore of debt into equity.

Imagicaaworld, earlier called Adlabs Entertainment, has total debt of Rs 1,417 crore as of March 31, 2021. The offer of Rs 575 crore would equate to a recovery of 40% for lenders. But if the equity offer is barred, the offer equates to a recovery of 35%.

Malpani had improved the offer to Rs 575 crore in January itself but some lenders, comprising Canara Bank, were seeking the entire Rs 575 crore in upfront payments. Last week, all lenders comprising Canara Bank gave their consent for the updated structure.

Malpani Group is in discussions with a few asset reconstruction companies to take part in the Swiss auction. An out-of-court resolution of Imagicaaworld has been in the works for the past three years. In 2019, Union Bank of India declined the promoter Shetty's Rs 575-crore one-time settlement offer on expectations of higher proposals.

In May 2021, Dream Media Works had provided an unsolicited offer of Rs 725 crore. That proposal had encouraged lenders to restart an out-of-court resolution process of the theme park-cum-entertainment firm. Yet, negotiations with Dream Media did not move ahead since it failed to make an earnest money deposit with lenders.

Union Bank of India, which is the lead bank, has the highest outstanding loan of Rs 429 crore, followed by Bank of Baroda at Rs 320 crore, the bid document released by Bob Caps displayed.

Image Source

Also read: Imagicaaworld Entertainment creditors may involve ARC to sell firm

Bollywood film producer Manmohan Shetty's entertainment theme park, Imagicaaworld Entertainment, could be auctioned by lenders later this month. Privately owned Malpani Group, with interests in real estate and theme parks, has given an updated offer of Rs 575 crore to procure the debt-laden asset. Malpani Group's sweetened offer comprises Rs 500 crore in upfront payments and a 15% share to the lenders upon conversion of Rs 75 crore of debt into equity. Imagicaaworld, earlier called Adlabs Entertainment, has total debt of Rs 1,417 crore as of March 31, 2021. The offer of Rs 575 crore would equate to a recovery of 40% for lenders. But if the equity offer is barred, the offer equates to a recovery of 35%. Malpani had improved the offer to Rs 575 crore in January itself but some lenders, comprising Canara Bank, were seeking the entire Rs 575 crore in upfront payments. Last week, all lenders comprising Canara Bank gave their consent for the updated structure. Malpani Group is in discussions with a few asset reconstruction companies to take part in the Swiss auction. An out-of-court resolution of Imagicaaworld has been in the works for the past three years. In 2019, Union Bank of India declined the promoter Shetty's Rs 575-crore one-time settlement offer on expectations of higher proposals. In May 2021, Dream Media Works had provided an unsolicited offer of Rs 725 crore. That proposal had encouraged lenders to restart an out-of-court resolution process of the theme park-cum-entertainment firm. Yet, negotiations with Dream Media did not move ahead since it failed to make an earnest money deposit with lenders. Union Bank of India, which is the lead bank, has the highest outstanding loan of Rs 429 crore, followed by Bank of Baroda at Rs 320 crore, the bid document released by Bob Caps displayed. Image Source Also read: Imagicaaworld Entertainment creditors may involve ARC to sell firm

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code