Photo by Tom Wallace.

Is Om closing? Rumors were swirling Wednesday in the Twin Cities restaurant scene, with some even pegging the massive Indian restaurant's demise as Jan. 1 -- one day after a scheduled New Year's Eve bash called "Shanghaied."

Owner Vik Uppal denied such rumors, saying "We will be open for dinner on Jan. 1."

However, he did say the restaurant will close later in January as he reevaluates Om's concept. Adding fuel to the fire was a November Minneapolis/St. Paul Business Journal story, which reported that Central Bank was threatening to foreclose on the restaurant's historic downtown building. Uppal Enterprises bought the Manufacturers Building in 2008. Located at the corner of 1st Av. N. and N. 4th St., it was formerly home to Nate's Clothing.

In 2009, Uppal transformed the lower levels into a contemporary Indian restaurant with acclaimed cookbook author Raghavan Iyer consulting in the kitchen. Iyer severed ties with the restaurant this summer.

Uppal said he couldn't comment on the supposed foreclosure do to legal reasons, but said he is still operating the restaurant.

Stay tuned for more updates.