NCLAT upholds NCLT's approval of sale of Golden Jubilee Hotels

The NCLAT has upheld the NCLT’s approval of the sale of Golden Jubilee Hotels to Singapore’s BREP Asia, dismissing EIH Ltd's petition.

EIH, which holds a 16% stake, argued it should not be excluded from the resolution process under Section 29A of the IBC. However, the NCLAT ruled that as the original promoter, EIH could not be considered an independent operator. 

The tribunal emphasized the commercial wisdom of the Committee of Creditors (CoC) and limited judicial intervention in business decisions, affirming the successful bidder’s right to choose a new operator.