Sebi is carrying out the investigations on the proposed sale based on complaints from ITC and LIC

The Mumbai bench of the National Company Law Tribunal (NCLT) has directed market regulator Sebi to conclude its investigation in the proposed sale of Hotel Leela Venture's several assets to Brookfield by the next hearing on July 8.

The bankruptcy case was initiated by JM Financial Asset Reconstruction Company (ARC) against Hotel Leela Venture, while the Securities and Exchange Board of India (Sebi) is carrying out the investigations on the proposed sale based on complaints from minority shareholders ITC and state-run Life Insurance Corporation (LIC).

The counsel for Hotel Leela Venture requested that the hearing be adjourned for four months as Sebi's probe is underway.

Hotel Leela Venture had, in March, announced its binding agreement with a Brookfield Asset Management (Brookfield)-sponsored private real estate fund to sell four Leela owned hotels located at Bengaluru, Chennai, Delhi and Udaipur and its property in Agra.

ITC moved the NCLT against Leela in April alleging "oppression and mismanagement", claiming that the deal between Leela and Brookfield was against the company and shareholder interests.