Hyderabad, April 11 -- The Hyderabad bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Lulu International Shopping Malls to acquire the management of Manjeera Retail Holdings, which operates the Manjeera Mall in Kukatpally, Hyderabad.

Background and bidding process

Manjeera Retail Holdings had been struggling financially, prompting Catalyst Trusteeship Ltd, one of its financial creditors, to file a company petition with the NCLT in July 2023.

The petition claimed a default on loans, leading the NCLT to initiate a corporate insolvency resolution process (CIRP) against the company. As part of this process, Birendra Kumar Agarwal was appointed as the resolution professional to oversee the proc...