Lulu Mall update: In a major breakthrough for veteran industrialist MA Yusuff Alis Lulu International the National Company Law Tribunal’s (NCLT) Hyderabad bench approved the resolution plan of Lulu International Shopping Malls to take control over the management of Manjeera Mall. The action will come through the control of Manjeera Retail Holdings which manages Manjeera Mall in Kukatpally area of Hyderabad Telangana. Here are all the details you need to know about the recent set of events. The Lulu Mall started its operations from Manjeera Mall on a lease basis in September 2023. As time passed by industrialist-turned-BJP leader G. Yoganand the original promoter of Manjeera Mall faced financial distress and as a result the management failed to repay loans prompting loan default claims from creditors. As a result of the continuous credit defaults the matter reached the National Company Law Tribunal (NCLT) where the statutory body admitted the application and ordered the initiation of a corporate insolvency resolution. The resolution against Manjeera started and  as the proceedings went ahead a total of 49 bidders vied to acquire the property. At last the Committee of Creditors and subsequently approved by the NCLT Lulu International Shopping Mall’s resolution plan at Rs 318.42 crore which had outstanding dues amounting to Rs 317.30 crore. Lulu Group expands operations in India In another development related to the Lulu group Lulu Group International is soon set to expand its business in India with a new project in Nagpur. In an exclusive conversation with news agency ANI the companys Chairman and Managing Director M.A. Yusuff Ali shared that the group is in the early stages of planning for its expansion in these cities including Vishakhapatnam and Ahmedabad. We want to be a part of Indias journey towards becoming a USD 5 trillion economy under the dynamic leadership of Prime Minister Narendra Modi. We are now constructing one of the biggest shopping malls in Ahmedabad and negotiations have started for another one in Visakhapatnam. Additionally we are in the initial stage of architectural planning for a new project in Nagpur Yusuff Ali stated. M.A. Yusuff Ali also expressed gratitude towards Andhra Pradesh Chief Minister N. Chandrababu Naidu for his support in setting up shopping malls in Visakhapatnam. (With inputs from agencies)