The Supreme Court has directed Lodha Developers, formerly known as Macrotech Developers, to deposit INR520.80 crore in connection with the ongoing legal proceedings related to V Hotels Ltd, a Mumbai-based real estate firm acquired by Lodha in 2024 through the Corporate Insolvency Resolution Process (CIRP).
The directive comes amid Enforcement Directorate (ED) proceedings against the former promoters of V Hotels, the Kerkar family, for alleged financial irregularities linked to Cox and Kings India. The ED had sought to attach assets worth INR 520.80 crore, which are now part of Lodha’s portfolio following the acquisition.
Lodha, in a regulatory filing, stated that the deposit has been sought as security in the matter and added that it expects a swift hearing and subsequent release of the amount.
Earlier, the Bombay High Court had quashed the ED’s attachment of V Hotels’ properties, noting that under the Insolvency and Bankruptcy Code, the current owner is not liable for actions of the previous promoters. The ED later appealed this decision in the Supreme Court, which is currently hearing the case.
Lodha acquired V Hotels for approximately INR 890 crore, significantly lower than the total admitted creditor claims of over INR 2,500 crore. The company is now redeveloping the Centaur Hotel property in Juhu into a luxury residential project under its Lodha Luxury brand.
