Mumbai: NCLT Admits Insolvency Proceedings Against Landmark Motels Over ₹46.62 Crore Default
Mumbai, August 19, 2026: The National Company Law Tribunal (NCLT) has admitted insolvency proceedings against Landmark Motels and Travels Pvt. Ltd. on a plea filed by ASREC India Limited, after finding that the hotel company had committed a financial default. As per ASREC, an amount of Rs 46.62 crore was pending and hence insolvency was initiated against the company. Insolvency Proceedings…
On August 19, 2026, the National Company Law Tribunal (NCLT) in Mumbai announced the initiation of insolvency proceedings against Landmark Motels and Travels Pvt. Ltd. following a petition filed by ASREC India Limited. The company was found to have defaulted on a financial obligation of Rs 46.62 crore. The tribunal also rejected an interlocutory application by Landmark Motels seeking a halt to the proceedings.
ASREC had claimed that the company owed a sum of Rs 46.62 crore, which they received from the State Bank of India and DHFL, subsequently taken over by Indian Bank. The debt was assigned to ASREC under an Agreement dated February 28, 2025. The properties used as collateral for the loan were located in Andheri and Versova. Landmark Motels had contested the date of default, claiming that their loan accounts were restructured in March 2020, leading to repayment obligations starting from September 2020.
The NCLT, however, dismissed this claim, indicating that the accounts had become overdue as early as November 30, 2019, when the company failed to meet repayment obligations. The tribunal upheld that the restructuring did not absolve the company of the initial default, and that the default exceeded Rs 1 crore.
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