NCLAT overturns Asian Hotels West's insolvency

11 Jan 2024 CW Team

The National Company Law Appellate Tribunal (NCLAT) annulled insolvency proceedings against Asian Hotels (West), the operator of Hyatt Regency in Mumbai.

The appellate insolvency tribunal also approved the proposal put forth by the former promoters and directors of the company in accordance with Section 12A of the Insolvency & Bankruptcy Code.

NCLAT remarked that the decision made by the lenders of Asian Hotels (West) was deemed "arbitrary for not endorsing the 12A Proposal," who promised to settle the entire debt owed to financial creditors and other creditors.

"The Proposal under 12A, submitted by the Appellant (former promoters) dated August 11, 2023, as revised on October 4, 2023, is accepted. The Corporate Insolvency Resolution Process (CIRP) is concluded," declared the NCLAT order.

The NCLAT order additionally mentioned that the order issued by the New Delhi Bench of the National Company Law Tribunal (NCLT) on September 16, 2022, admitting the Section 7 application, has been revoked.

Asian Hotels (West) had initially borrowed funds from YES Bank, and subsequently, the debt was transferred to JM Financial Asset Reconstruction, which, in turn, was assigned to UV Asset Reconstruction Company.

A two-member bench criticized UV Asset Reconstruction Company, stating that the claim acknowledged in the Corporate Insolvency Resolution Process (CIRP) amounted to Rs 2.95 billion, which was intended to be fully settled under the 12A proposal.

Nevertheless, UVARCL had proposed a total payment of Rs 3.29 billion.

Real Estate

30 Jul 2026

AI: The New Recruit

From getting ideas to evaluating designs, presenting concepts to clients and tracking projects, artificial intelligence (AI) is helping architects work better and faster.“AI allows architects to spend more time doing what only they can do: think critically, synthesise complexity and design with intent,” says Dikshu C Kukreja, Managing Principal, CP Kukreja Architects. “Every minute reclaimed from repetitive processes can be invested in creativity, contextual understanding, interdisciplinary collaboration and innovation – the qualities that define meaningful architecture.”To read the ..

Redevelopment 2.0

In 2017, Mumbai identified 160,000 ageing buildings due for structural audit. Close to half of these were in the Western Suburbs. Redeveloping the oldest and structurally weakest of these would help unlock new housing, much needed given the city’s growing population density and constant developed area of 437.7 sq km. At 30,600 people per sq km in 2024, Mumbai’s density was almost thrice that of Gurugram, and 60 per cent higher than Bengaluru’s.Essentially, Mumbai’s realty market has demand. It has capital. It has realty development potential.Fast forward to 2026. Mumbai has 1,094 regis..

Cost intelligence will become a strategic contributor to project success

As India's construction industry accelerates its digital transformation, integrated platforms, AI and connected data are becoming essential to improving cost certainty, project efficiency and sustainability. Ravi Kumar, Sales Director – India, RIB Software India, shares how digital workflows are reshaping project planning, commercial management and decision-making across the construction value chain.India's construction sector is embracing digital technologies at an unprecedented pace. From your perspective, what are the biggest shifts driving this transformation and how is RIB Software enab..