YES Bank likely to acquire Bengaluru's Ritz Carlton from NEL Holdings

Ritz Carlton in Bengaluru was the first property of Marriott International under the Ritz Carlton brand

YES Bank may soon take over Bengaluru's iconic Ritz Carlton hotel. The hotel's holding company, NEL Holdings South Ltd, has failed to repay the Rs 300 crore it owes to the bank, a report by Mint stated.

After the acquisition, the bank will either sell it to a new buyer or find a suitor when it files the case in the National Company Law Tribunal (NCLT), the report added. The bank had, in 2020, declared the funds owed by NEL Holdings as non-performing assets 2020. 

Ritz Carlton in Bengaluru was the first property of Marriott International under the Ritz Carlton