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NCLAT sets aside EIH plea against NCLT order approving sale of Golden Jubilee Hotels

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NCLAT sets aside EIH plea against NCLT order approving sale of Golden Jubilee Hotels

The National Company Law Appellate Tribunal (NCLAT) has dismissed EIH Ltd's petition against the sale of Golden Jubilee Hotels by approving the decision of the National Company Law Tribunal (NCLT). The NCLT had previously approved the bid of a Singapore-based entity, which was challenged by EIH, the managing company of Golden Jubilee Hotels. EIH argued that it could not be treated as a promoter and become ineligible under the Insolvency & Bankruptcy Code. However, the NCLAT upheld the NCLT's decision, stating that EIH's involvement would invalidate the resolution plan. The appellate tribunal also ruled that the successful bidder had the discretion to retain EIH or change the hotel operator.

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