JM Financial files application at NCLT against Hotel Leela Venture

The move will help lenders get a better valuation, said an official at one of the lending firms. The case is likely to come up before the NCLT Bench by middle of next month

Hotel Leela Venture said on Tuesday that JM Financial Asset Reconstruction Co (JMFARC) has filed an application with the National Company Law Tribunal (NCLT), Mumbai Bench, against the company. 

The move will help lenders get a better valuation, said an official at one of the lending firms. The case is likely to come up before the NCLT Bench by the middle of next month, he said. 

The application has been filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), the company said in a filing to the stock exchanges on Tuesday. Meanwhile, Leela “is continuing to engage with prospective investors