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20

Billionaire Seeks Waiver to Bid for India Hotel Ivanka Stayed In

By Tony Seruga

Billionaire banker Uday Kotak’s stressed asset investment unit is asking India’s bankruptcy regulator to ensure that potential buyers of insolvent companies aren’t made to provide non-refundable deposits in exchange for financial information during the sale process.

A court-appointed insolvency professional asked bidders for Golden Jubilee Hotels Ltd., which operates a property that in November hosted Ivanka Trump, to pay an upfront deposit of 1 million rupees ($15,000) while submitting an expression of interest, according to S. Sriniwasan, managing director of Kotak Investment Advisors. This practice wasn’t followed in other bankruptcy processes he has participated in…

Billionaire Seeks Waiver to Bid for India Hotel Ivanka Stayed In

Categories : Commercial Real Estate

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