Hyatt Regency Delhi taken to bankruptcy court by Continuum Energy

Hyatt Regency Delhi has been taken to bankruptcy court by Morgan Stanley-owned Continuum Energy.

Continuum Energy told the National Company Law Tribunal (NCLT) that the hotel defaulted on a power purchase agreement that was signed two years ago.

Hyatt has an outstanding payment of Rs 2.5 crore towards Continuum Energy, the report said court filings.

Hyatt Regency Delhi told that Continuum's application is "frivolous".

"Regrettably, Sandhya Hydro company has not honoured on several counts having executed the agreement, including terms of supply & on aspects of captive compliance(s). Despite our claims of amounts owed, Sandhya Hydro, without assigning any plausible reason, stopped power supply to our company, which has prompted an appropriate civil action from our side," said an email from the office of Shiv Jatia, Managing Director of Asian Hotels North.