Lulu mall in Kukatpally of Hyderabad. File
| Photo Credit: RAMAKRISHNA G
Lulu Mall became owner of Manjeera Mall from where it began its operations as a tenant a few years ago. The National Company Law Tribunal (NCLT)-Hyderabad bench on Thursday (April 10, 2025) approved the resolution plan of Lulu International Shopping Malls to take over the Manjeera Mall located in Kukatpally area here.
The Lulu Mall started its business operations from Manjeera Mall on a lease basis. With the management of Manjeera Mall, promoted by industrialist-turned BJP leader G. Yoganand, unable to repay the loans, its financial creditor claimed default of its loans by Manjeera.
Admitting the application, the NCLT directed that a corporate insolvency resolution process be initiated against Manjeera. Eventually, a resolution professional was appointed to oversee the process. Forty nine suiters competed to acquire Manjeera Mall which had ₹317.30 crore as outstanding dues.
Lulu International Shopping Mall which offered resolution plan with ₹318.42 crore, was accepted by the Committee of Creditors and the NCLT approved the same.
Published – April 11, 2025 12:09 pm IST
