Hyatt Regency Delhi dragged to bankruptcy court: Report
Synopsis
Morgan Stanley-owned Continuum Energy has taken Hyatt Regency Delhi to bankruptcy court over non-payment of dues, according to a media report
Morgan Stanley-owned Continuum Energy has taken Hyatt Regency Delhi to bankruptcy court over non-payment of dues.
According to media reports, Hyatt has an outstanding payment of Rs 2.5 crore towards Continuum Energy.
The Economic Times reported that Continuum Energy had approached the National Company Law Tribunal stating that the hotel had defaulted on a power purchase agreement signed two years ago.
The power provider claimed that as per the contract, the hotel was supposed to draw electrical energy from a Continuum hydro energy plant positioned in Himachal Pradesh. However, Continuum alleged that the resort failed to procure an open entry licence from the electrical energy regulator to enable it to draw energy in the course of the tenure of the settlement.
Hyatt Regency has called the charges frivolous.
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