There are a number of different classes of creditors in insolvency matters
and our hotel is the “Unsecured creditors” which was ranked behind secured and preferential creditors. At present,
there is no indication on the distribution of any fund to creditors.
As per the legal now the case was over one year, the hotel would like to write off this bad debt from Accounts Receivable.
The total balance will be written-off as monthly and will complete by end of 2016.