Dharampal Satyapal Group wins bid for Viceroy Bangalore Hotels

The Dharampal Satyapal Group has emerged as the winning bidder for Viceroy Bangalore Hotels, which has been going through insolvency proceedings since last year.

Viceroy Bangalore Hotels Pvt Ltd, which owns the Marriott-managed five-star Renaissance Bengaluru Race Course Hotel, has around Rs 1,100 crore of debt. People in the know said the Dharampal Satyapal Group won the bid by offering Rs 300 crore.

Edelweiss Asset Reconstruction Co is the lead creditor to the company, besides Vistra ITCL (India) Ltd. The Hyderabad bench of the National Company Law Tribunal last August ordered commencement of corporate insolvency resolution proceedings against the company.


The Dharampal Satyapal Group, which owns brands such as Rajnigandha, Pulse and Catch, and also operates in the hospitality sector, did not respond to a request for comment. Viceroy Bangalore Hotels’ resolution professional, Kuresh Hatim Khambati, said the process had seen “encouraging interest”, but declined to comment further citing “confidentiality”.

People familiar with the matter said Varrenyam Consultants and Khaitan & Co were the financial and legal advisers for this transaction to Dharampal Satyapal Group.

Varrenyam Consultants founder Mahender Khandelwal, and Khaitan & Co's partner Siddharth Srivastava declined to comment.

Sources said Viceroy Bangalore Hotels had received around eight resolution plans. Salarpuria Sattva, Rhythm Hospitality and Kailash Darshan Housing Development were among the other entities that submitted resolution plans.