Viceroy Hotels Wins SAFEMA Appeal, Attachment Orders Set Aside
Viceroy Hotels Limited has won an appeal at the SAFEMA Appellate Tribunal, leading to the setting aside of a provisional attachment order on its properties. The tribunal cited immunity under the Insolvency and Bankruptcy Code post-CIRP completion. This decision resolves long-standing litigation with the Enforcement Directorate.
The resolution of a long-standing litigation and the detachment of a property (Courtyard by Marriott, Hyderabad) is a material development that significantly impacts the company's operations and financial standing.
The company has received a favorable order from the Appellate Tribunal, which sets aside previous attachment orders on its properties, resolving a significant legal dispute.
Viceroy Hotels Limited has announced a significant legal victory with the receipt of an order from the Appellate Tribunal under SAFEMA, dated 23 April 2026.
The Tribunal allowed the appeal filed by Viceroy Hotels Limited, setting aside the order of the Adjudicating Authority which had confirmed a Provisional Attachment Order from 26 March 2019. This order had previously attached certain immovable and movable properties of the company.
The Tribunal's decision was based on the successful completion of the Corporate Insolvency Resolution Process (CIRP) and the approval of a resolution plan, which resulted in a change of management. The Tribunal held that the company is entitled to immunity under Section 32A of the Insolvency and Bankruptcy Code, 2016, especially since the claims forming the basis of the alleged proceeds of crime had already been rejected by the NCLT/NCLAT and the resolution plan was fully implemented. Consequently, the Tribunal set aside the impugned order and the provisional attachment order. This effectively brings the long-standing litigation with the Enforcement Directorate to a close in favor of Viceroy Hotels Limited, leading to the detachment of the property operating as Courtyard by Marriott in Hyderabad.
The company received the order on 30 April 2026, marking the end of this litigation for the property. This development is material, occurring subsequent to the conclusion of CIRP proceedings in October 2023.
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Viceroy Hotels Limited filed this with the NSE as a statutory disclosure, categorised under litigation updates. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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