The National Company Law Tribunal’s (NCLT) Mumbai bench has admitted an insolvency petition against Sahara Hospitality, following an alleged default of Rs 51.78 crore.
The petition is admitted and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against Sahara Hospitality, and appointed Mamta Binani as Interim Resolution Professional, NCLT said in its order pronounced on Friday.
The order was passed by NCLT member P.N. Deshmukh and technical member Shyam Babu Gautam on a petition filed by Delta Electro Mechanical. Sahara Hospitality had given a work order to Delta Electro Mechanical for supply, installation, testing and commission of heating, ventilation and air conditioning (HVAC) and electrical system at Hotel Sahara Star, Mumbai.
The principal amount was about Rs 32 crore, which Sahara defaulted, according to petition filed by Delta Electro Mechanical.
Delta Electro Mechanical had first approached the NCLT in 2018, which was disposed of in 2021, after Sahara agreed to settle the claim for Rs 20 crore to be paid in 14 monthly instalments. However, the company moved NCLT again later after Sahara Hospitality failed to pay the amount.
In 2002, Sahara India had bought the property of earlier privatised Airport Centaur Hotel, Mumbai, for an undisclosed amount. It was the first time the Sahara Group ventured in to buying a running hotel, even though it had presence in hospitality and airline business for quite some time.