The Supreme Court has granted relief to Lodha Developers, formerly known as Macrotech Developers, by allowing the company to deposit ₹520 crore as security, thereby protecting the V Hotels assets — including the iconic Centaur Hotel in Juhu, Mumbai — from attachment by the Enforcement Directorate (ED).In 2024, Lodha Developers acquired V Hotels through the Insolvency and Bankruptcy Code (IBC) process. The ED had subsequently launched a probe into the alleged misconduct by the hotels’ erstwhile promoters and moved to attach assets worth ₹520 crore.
While the ED sought to link the properties to the probe, Lodha Developers offered to deposit an equivalent amount as security. The Supreme Court has accepted this offer, giving interim relief to the real estate firm.
The matter remains under judicial consideration as the top court will now hear the ED’s plea challenging a December 2024 ruling by the Bombay High Court, which quashed the agency’s investigation. The High Court had held that new promoters, such as Lodha Developers, are protected under IBC from liability or investigation related to the conduct of the previous management.
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