NCLT Approves Lulu's ₹318 Crore Plan for Manjeera Mall

The Hyderabad bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Lulu International Shopping Malls to take over the management of Manjeera Retail Holdings, the financially distressed owner and operator of Manjeera Mall in Kukatpally, Hyderabad.

The resolution process began after the NCLT admitted an insolvency petition in July 2023 filed by Catalyst Trusteeship, a financial creditor, due to loan defaults. Following this, the Tribunal initiated a Corporate Insolvency Resolution Process (CIRP) and appointed Birendra Kumar Agarwal as the resolution professional. Agarwal invited expressions of interest (EoIs) from potential applicants, receiving responses from 49 entities. After evaluation, the Committee of Creditors (CoC)—comprising Catalyst Trusteeship and Fedbank Financial Services—shortlisted seven applicants.

The CoC, which had total claims of ₹317.30 crore against Manjeera Retail Holdings, ultimately approved Lulu International’s resolution plan valued at ₹318.42 crore. Known for its expertise in developing and operating shopping malls, Lulu already had a presence in Hyderabad through a lease arrangement at Manjeera Mall.

With NCLT's final approval, Lulu International now assumes full management control of Manjeera Retail Holdings, marking a significant step in the mall’s revival and future operations.

News by Rahul Yelligetti.