Hotel Leela Venture To Expand Capital Base

After a 3-week suspension of operations, the management has now extended this suspension "until further orders" as it is severely strapped for cash.

Meanwhile, an oral direction was also issued to the management to pay wages due to workers from the month of April.

It was also made known in the court today that State Bank of India and Canara Bank, among the company's various creditors, did not agree to the settlement package offered by the new promoters as pre-condition to take over - write off of all the interest payments and 25 per cent of the principal due from the company.