TIL Desk/Business/Kolkata/ The Gateway, a 197-room Kolkata hotel managed by the Taj Group for over four years, has ended up at the National Company Law Tribunal (NCLT), having failed to repay its loans.
Edelweiss ARC has taken the owner, Jalan Intercontinental Hotels, to NCLT to recover its dues. A round of bidding for the asset has taken place at the NCLT but the bids received are learnt to be lower than the liquidation value.
Launched in December 2013, this was the first Gateway hotel in Kolkata and the second Taj hotel in West Bengal after a gap of 24 years. Its first property, the iconic Taj Bengal, was launched in 1989.The Kolkata Gateway hotel, on the city’s EM Bypass, is built on an area of 1.9 acre, under a long-term lease of 99 years.
Rooms at this Kolkata hotel are priced between Rs 7,000-8,000 per night. Gateway is a full-service upscale hospitality brand under the Taj Group of Hotels. The Gateway Hotel, Kolkata is an asset owned by city-based entrepreneur, Aditya Jalan.
Edelweiss took Jalan Intercontinental to NCLT in August 2017, with a total claim of about Rs 127 crore. Jalan maintains that the hotel faced a cost escalation which led to non-payment of dues. The committee of creditors for the property has so far received two bids for the asset.
