Lulu International takes over Hyderabad’s Manjeera mall mgmt

Hyderabad: The Hyderabad bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Lulu International Shopping Malls to acquire the management of Manjeera Retail Holdings, which operates the Manjeera Mall in Kukatpally, Hyderabad.

Background and bidding process

Manjeera Retail Holdings had been struggling financially, prompting Catalyst Trusteeship Ltd, one of its financial creditors, to file a company petition with the NCLT in July 2023.

The petition claimed a default on loans, leading the NCLT to initiate a corporate insolvency resolution process (CIRP) against the company. As part of this process, Birendra Kumar Agarwal was appointed as the resolution professional to oversee the proceedings.

49 suitors expressed interest

In a highly competitive bidding process, 49 suitors initially expressed interest in acquiring the management of Manjeera Retail Holdings.

However, only seven were shortlisted by the Committee of Creditors (CoC), which includes Catalyst Trusteeship Ltd and Fedbank Financial Services Ltd. These creditors have outstanding dues of Rs 317.30 crore from Manjeera’s management.

Lulu Group’s successful bid

Lulu International Shopping Malls, known for constructing and operating shopping malls, emerged as the successful bidder with a resolution plan valued at Rs 318.42 crore.

This plan was approved by the CoC, paving the way for Lulu International to take control of Manjeera Retail Holdings.

Lulu International has already established a presence in Hyderabad, having set up operations in the city a few years ago.

The company has been operating a mall on a lease basis within the Manjeera Mall premises.

Following the NCLT’s approval, Lulu International has completed the necessary formalities, including submitting performance securities, to assume management control of Manjeera Retail Holdings.