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<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2026-03-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Action_Initiation_Or_Action_Taken_Or_Order_Passed/2026-03-31/in-capmkt/in-capmkt-ent" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2026-03-31/in-capmkt-types" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.w3.org/1999/xlink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2026-03-31.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">523796</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-11</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ActionsTaken1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">523796</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-11</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ActionsTakenOrOrdersPassedAxis"><in-capmkt:ActionsTakenOrOrdersPassedDomain>ActionsTakenOrOrdersPassedDomain1</in-capmkt:ActionsTakenOrOrdersPassedDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_ActionsTaken1_PersonsAgainstWhomActionsTaken1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">523796</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-11</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ActionsTakenOrOrdersPassedAxis"><in-capmkt:ActionsTakenOrOrdersPassedDomain>ActionsTakenOrOrdersPassedDomain1</in-capmkt:ActionsTakenOrOrdersPassedDomain></xbrldi:typedMember><xbrldi:typedMember dimension="in-capmkt:PersonsAgainstWhomActionsTakenOrOrdersPassedAxis"><in-capmkt:PersonsAgainstWhomActionsTakenOrOrdersPassedDomain>PersonsAgainstWhomActionsTakenOrOrdersPassedDomain1</in-capmkt:PersonsAgainstWhomActionsTakenOrOrdersPassedDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_Signatories1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">523796</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-11</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:SignatoriesAxis"><in-capmkt:SignatoriesDomain>SignatoriesDomain1</in-capmkt:SignatoriesDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">VHLTD</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">VICEROY HOTELS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">523796</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE048C01025</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:TypeOfEvent contextRef="MainI">Action(s) taken or orders passed (sub-para 20)</in-capmkt:TypeOfEvent><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting contextRef="MainI">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting><in-capmkt:DateOfOccurrenceOfEventOrInformation contextRef="MainI">2026-09-10</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">19:12:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:DateOfReport contextRef="MainI">2026-09-11</in-capmkt:DateOfReport><in-capmkt:TypeOfActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">Any other similar action(s)</in-capmkt:TypeOfActionsTakenOrOrdersPassed><in-capmkt:DetailsOfAnyOtherSimilarActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">Final conclusion of litigation by the Hon'able Hight Court of Telangana</in-capmkt:DetailsOfAnyOtherSimilarActionsTakenOrOrdersPassed><in-capmkt:ActionsTakenOrOrdersPassedBy contextRef="I_ActionsTaken1">Judicial Body</in-capmkt:ActionsTakenOrOrdersPassedBy><in-capmkt:NameOfAuthorityFromWhomActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">The Hon’ble High Court of Telangana at Hyderabad</in-capmkt:NameOfAuthorityFromWhomActionsTakenOrOrdersPassed><in-capmkt:NumberOfPersonsAgainstWhomActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1" unitRef="pure" decimals="0">1</in-capmkt:NumberOfPersonsAgainstWhomActionsTakenOrOrdersPassed><in-capmkt:ActionsTakenOrOrdersPassedAgainst contextRef="I_ActionsTaken1_PersonsAgainstWhomActionsTaken1">Other</in-capmkt:ActionsTakenOrOrdersPassedAgainst><in-capmkt:NameOfPersonAgainstWhomActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1_PersonsAgainstWhomActionsTaken1">Southern Power Distribution Company of TS. Limited</in-capmkt:NameOfPersonAgainstWhomActionsTakenOrOrdersPassed><in-capmkt:DesignationOfPersonAgainstWhomActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1_PersonsAgainstWhomActionsTaken1">Preferential creditor of the Company</in-capmkt:DesignationOfPersonAgainstWhomActionsTakenOrOrdersPassed><in-capmkt:TypeOfCommunicationReceivedForActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">Order pf the Hon'able High Court of Telangana</in-capmkt:TypeOfCommunicationReceivedForActionsTakenOrOrdersPassed><in-capmkt:NatureAndDetailsOfTheActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">Set aside the demand notice bearing Lr. No. SE/OP/CC/HYD/SAO/AAO(HT)/JAO(H.T)/D.No.7077/2025 dated 31-Jan-2025</in-capmkt:NatureAndDetailsOfTheActionsTakenOrOrdersPassed><in-capmkt:DateOfReceiptOfCommunicationReceivedForActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">2026-09-10</in-capmkt:DateOfReceiptOfCommunicationReceivedForActionsTakenOrOrdersPassed><in-capmkt:BriefDetailsOfTheMaterialContentsOfTheCommunicationReceivedForActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">Demand for payment of cross subsidy surcharge for FYs 2005-06 to 2014-15 for an amount of Rs. 3,55,99,834/- (Rupees Three Crores Fifty-Five Lakhs Ninety-Nine Thousand Eight Hundred and Thirty- Four only) vide letter Lr.No.SE/OP/CC/HYD/SAO/AAO/(HT)/JAO(H.T.)/D.No.7077/2025.
The demand was made in accordance with common order of Hon’ble High Court of Telangana dated 12.02.2020 and order passed by Hon’ble Telangana Electricity Regulatory Commission (TGERC) dated 30.08.2024 where in cross subsidy surcharge for the FY 2005-06 to FY 2014-15 was re-determined.
The Company filed a writ petition before the Hon’ble High Court of Telangana vide WP No. 5687 of 2025 challenging the demand notice dated 31.01.2025. The said WP No. 5687 of 2025 came up for hearing on 25.02.2025 and the Hon’ble High Court passed an order restraining the respondent i.e., Southern Power Distribution Company of TS. Limited from taking any coercive step in pursuance to the impugned notice dated 31-Jan-2025 and further directed the Respondents to file their counter.
In its final order dated 02nd September, 2026, the Hon’ble High Court allowed the Company’s writ petition and set aside the demand notice bearing Lr. No. SE/OP/CC/HYD/SAO/AAO(HT)/JAO(H.T)/D.No.7077/2025 dated 31-Jan-2025, and held that in light of Section 32A of the Insolvency and Bankruptcy Code, 2016, no action could continue against the Company.</in-capmkt:BriefDetailsOfTheMaterialContentsOfTheCommunicationReceivedForActionsTakenOrOrdersPassed><in-capmkt:PeriodForWhichCommunicationWouldBeApplicableForActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">Not Applicable</in-capmkt:PeriodForWhichCommunicationWouldBeApplicableForActionsTakenOrOrdersPassed><in-capmkt:ExpectedImpactOfActionsTakenOnFinancialAndOperationalOrOtherActivitiesOfTheListedEntity contextRef="I_ActionsTaken1">Nil</in-capmkt:ExpectedImpactOfActionsTakenOnFinancialAndOperationalOrOtherActivitiesOfTheListedEntity><in-capmkt:DetailsOfAnyAberrationsOrNonCompliancesOrViolationsOrContraventionsIdentifiedByTheAuthorityInTheCommunicationForActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">None</in-capmkt:DetailsOfAnyAberrationsOrNonCompliancesOrViolationsOrContraventionsIdentifiedByTheAuthorityInTheCommunicationForActionsTakenOrOrdersPassed><in-capmkt:DetailsOfAnyPenaltyOrRestrictionOrSanctionImposedPursuantToTheCommunicationForActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">None</in-capmkt:DetailsOfAnyPenaltyOrRestrictionOrSanctionImposedPursuantToTheCommunicationForActionsTakenOrOrdersPassed><in-capmkt:DetailsOfRegulatoryActionsOrSanctions contextRef="I_ActionsTaken1">Not Applicable</in-capmkt:DetailsOfRegulatoryActionsOrSanctions><in-capmkt:ActionsTakenByListedCompanyWithRespectToTheCommunicationForActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">Disclosed to Stock Exchange(s)</in-capmkt:ActionsTakenByListedCompanyWithRespectToTheCommunicationForActionsTakenOrOrdersPassed><in-capmkt:NameOfTheSignatory contextRef="I_Signatories1">C. Siva Kumar Reddy</in-capmkt:NameOfTheSignatory><in-capmkt:DesignationOfTheSignatory contextRef="I_Signatories1">Company Secretary and Compliance Officer</in-capmkt:DesignationOfTheSignatory><in-capmkt:DateOfOfTheSignatory contextRef="I_Signatories1">2026-09-11</in-capmkt:DateOfOfTheSignatory><in-capmkt:PlaceOfOfTheSignatory contextRef="I_Signatories1">Hyderabad</in-capmkt:PlaceOfOfTheSignatory></xbrli:xbrl>
