Viceroy Hotels emerged from insolvency, relisted in 2024 and raised fresh capital
A Hyderabad hotel operator buried under Rs 1,150 crore of debt got a court-approved resolution plan, relisted, and drew Zerodha's founders in as investors.
What was changed
Viceroy Hotels, operator of the Marriott and Courtyard by Marriott properties in Hyderabad, entered the Corporate Insolvency Resolution Process after running up heavy debt under its previous promoter. Creditors were owed more than Rs 1,150 crore, the company at one point faced the possibility of liquidation, and trading in its shares was suspended.
The company's fortunes turned in October 2023, when the National Company Law Appellate Tribunal approved a resolution plan submitted by Anirudh Agro Farms Limited. Fresh funds came in through subsidiary Loko Hospitality, and after the plan was implemented Viceroy's shares resumed trading on the NSE and BSE in April 2024.
The revived company is expanding: shareholders approved the Rs 206-crore acquisition of SLN Terminus Hotels and Resorts, which operates Marriott-branded executive apartments, in December 2025, and a rights issue of about Rs 105 crore at Rs 115 per share is meant to fund growth and lift public shareholding after promoter ownership rose sharply in the resolution. In the September 2026 quarter, Zerodha founders Nithin and Nikhil Kamath acquired 6.72% through Kamath Associates and Nksquared.
Why it worked
The resolution plan replaced an over-leveraged promoter structure with new ownership that brought fresh funds through Loko Hospitality.
Relisting in April 2024 reopened capital-markets access that insolvency had shut off.
The rights issue also addresses promoter concentration by increasing public shareholding to meet regulatory requirements.
What can be applied
A court-supervised resolution can do more than save a debtor: fresh funds, relisting and follow-on M&A can turn insolvency into a growth platform that attracts new investors.
Aftermath
Viceroy Hotels operates Marriott-branded assets in Hyderabad, is adding SLN Terminus to its portfolio, and is running the Rs 105-crore rights issue. The Kamath brothers' 6.72% stake, disclosed in the company's latest shareholding data, marks renewed investor interest after the rebuild.