The write-off is a part of the debt resolution plan which the company entered with the Malpani Group and the erstwhile lenders in June 2022

Jai Malpani, managing director, said, “As the residual leg of the resolution plan, we have now written back remaining debt of Rs 571.76 crores which will reflect in our balance sheet and show the true picture as on date. Thus with zero legacy debt and improved net worth of the company, we are geared for the next level of growth.

We will continue to focus on providing magical and immersive experience that exceeds expectations to all our guests. We aim to solidify our position as a leader in the entertainment park industry, known for pushing the boundaries of entertainment and delivering unforgettable memories to millions of visitors.”

Imagicaaworld Entertainment is engaged in the business of development and operations of theme-based entertainment destinations in India, including theme parks, water parks and associated activities including retail merchandising and food and beverages.

The company reported net loss of Rs 159.88 crore in Q4 FY23 as compared with net loss of Rs 30.68 crore in Q4 FY22. Net sales jumped 62.6% year on year to Rs 53.89 crore in Q4 FY23 over Q4 FY22.