Business Update1 May 2026, 04:51 pm
Velan Hotels Settles ₹37.17 Cr OTS Amount to RARE ARC
AI Summary
Velan Hotels Ltd. announced an addendum to its asset sale agreement with M/s. J.P. Associates Asia Pacific Private Ltd. for the sale of hotel properties in Tirupur, Tamilnadu, for ₹37,17,14,968. As of the report, ₹35,12,02,048 has been received, excluding TDS. The company has settled its debts with RARE Asset Reconstruction Ltd. through this transaction, receiving a No-Due Certificate. The remaining balance of ₹1,67,95,770 will be paid upon registration of the sale deed, expected before June 15, 2026. With the debt settled, all mortgaged properties are now freehold, and the company is now secured-debt free.
Key Highlights
- Velan Hotels settles ₹37.17 Cr OTS amount to RARE ARC.
- Asset sale agreement addendum executed with J.P. Associates.
- ₹35.12 Cr received, balance ₹1.68 Cr due before June 15, 2026.
- RARE ARC issues No-Due Certificate, debts fully settled.
- Company becomes secured-debt free after settling debts.