Disclosure of ongoing litigation / dispute pursuant to SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 4.0 pts more than Nifty Microcap 250 and 3.9 pts more than its Hotels & Resorts peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
Juhu Resorts and Development Pvt. Ltd., a promoter group company linked to promoter Mr. Chetan Jashwant Mehta, has filed an insolvency application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Emerald Leisures Ltd at the National Company Law Tribunal (NCLT), Mumbai. The claim amounts to Rs. 22.19 crores (Rs. 22,18,65,000) in Inter Corporate Deposits (ICDs) that Juhu Resorts is seeking to recall. Emerald Leisures contests this, arguing that the ICDs were introduced as quasi-equity and are not repayable until its Aditya Birla Capital Ltd (ABCL) term loan is fully repaid, with the last installment due in August 2027. ABCL has confirmed in writing on March 4, 2025 that the ICDs of promoter/promoter group cannot be repaid while loan accounts are outstanding. The company has obtained legal opinion in its favor and states the Section 7 application is not maintainable since Juhu Resorts is not a financial creditor.
Although the petition involves a related party (promoter group) and the company has a supportive letter from its lender plus favorable legal opinion, admission of the insolvency petition by NCLT could materially impact the company's financial position. Investors should watch for NCLT hearings and any next status update on the matter.