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Lulu International Shopping Malls has acquired Manjeera Retail Holdings, owner of Manjeera Mall in Hyderabad's Kukatpally, following a National Company Law Tribunal (NCLT) ruling. The acquisition stemmed from insolvency proceedings initiated after loan defaults, with creditors claiming INR 317 crore. Lulu's INR 318 crore resolution plan was approved by the committee of creditors and ratified by the NCLT. Previously operating under lease, Lulu now fully owns the mall, enhancing its Hyderabad presence. The move is seen as a strategic step amid broader retail restructuring in India, promising improved mall management, brand offerings, and a revitalised retail experience for local shoppers.
Lulu International Shopping Malls, a well-known global operator and developer of shopping malls, has officially acquired Manjeera Retail Holdings, a company that had been declared bankrupt. Manjeera Retail Holdings was the owner and operator of Manjeera Mall, located in Hyderabad's Kukatpally area. Previously, Lulu International had been running its Hyderabad operations through a lease agreement for this very mall. However, with a recent decision passed by the National Company Law Tribunal (NCLT), the ownership of the mall has now been transferred to Lulu. Advertisement
This development follows a legal case initiated by financial creditor Catalyst Trusteeship, which claimed that Manjeera Retail Holdings had defaulted on loan payments. The NCLT's Hyderabad bench, comprising judicial member Rajiv Bharadwaj and technical member Sanjay Puri, admitted the company's petition in July 2023. Following this, the Tribunal ordered the initiation of a Corporate Insolvency Resolution Process (CIRP) against Manjeera Retail Holdings.
As part of the CIRP, a committee of creditors (CoC) was formed. This committee included Catalyst Trusteeship Ltd and Fedbank Financial Services Ltd, who together claimed that INR 317 crore (approximately USD 38.04 million) was owed to them by Manjeera Retail Holdings. In order to find a suitable buyer and resolve the insolvency process, the CoC appointed Birendra Kumar Agarwal as the resolution professional to manage the proceedings.
A total of 49 interested parties had expressed a desire to take over Manjeera Retail Holdings. After initial evaluation, seven prospective resolution applicants were shortlisted. Eventually, it was the resolution plan submitted by Lulu International Shopping Malls that gained approval. Their offer of INR 318 crore (approximately USD 38.16 million) was selected by the CoC as it covered the outstanding dues and provided a viable revival plan. This resolution plan was subsequently ratified by the NCLT.
By acquiring Manjeera Retail Holdings, Lulu International has now legally transitioned from being a tenant to the rightful owner of Manjeera Mall. This move is expected to strengthen the company's presence in Hyderabad and further boost its retail operations in India. With ownership secured, the company may look to invest in renovations, expansion, or the introduction of global retail brands to the mall, enhancing its commercial appeal.'
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