Khaitan & Co. advised on successful resolution of Manjeera Retail Holdings under CIRP
Khaitan & Co. advised on successful resolution of Manjeera Retail Holdings under CIRP
Khaitan & Co. LLP advised Mr. Birender Kumar Agrawal, the Resolution Professional (RP) of Manjeera Retail Holdings Private Limited, during the corporate insolvency resolution process (CIRP) initiated on 18 July 2024 by the National Company Law Tribunal (NCLT), Hyderabad. The firm also advised the Monitoring Committee (MC) during the implementation of the approved resolution plan.
The resolution plan, submitted by Lulu International Shopping Malls Private Limited (Successful Resolution Applicant or SRA), was approved by a unanimous 100% vote of the Committee of Creditors (CoC) comprising Catalyst Trusteeship Limited and Fedbank Financial Services Limited. The NCLT Hyderabad approved the resolution plan on 26 March 2025, and the plan was successfully implemented within 14 days.
Manjeera Retail Holdings is engaged in leasing of mall and commercial spaces and providing facility management services in Hyderabad, Telangana. Its prominent projects include Manjeera Trinity Corporate, Manjeera Majestic Commercial, Manjeera Mall, and Manjeera Majestic Homes.
The resolution process posed significant challenges, taking nearly a year for plan approval amid multiple litigations initiated by erstwhile promoters, unit holders, and other third parties. Khaitan & Co. played a key role in navigating these complexities, representing the RP in litigation, assessing the resolution plan, and overseeing its implementation.
The Khaitan & Co. team was led by Dr. Siddharth Srivastava (Partner) and Mohit Kishore (Partner), with support from Udita Singh (Principal Associate), Aparna Tripathi (Principal Associate), Avni Shrivastav (Principal Associate), and Shikha Mohini (Associate).
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