NCLT Approves ₹1,800 Crore Resolution Plans for Gstaad Hotels and Neo Capricorn Plaza
The Mumbai Bench of the National Company Law Tribunal (NCLT) has approved the resolution plans for Gstaad Hotels Private Limited and Neo Capricorn Plaza Private Limited, together valued at ₹1,800 crore. The plans were approved on September 3, 2026, and implemented on October 1, 2026.
Gstaad Hotels owns the JW Marriott in Bengaluru, while Neo Capricorn Plaza owns the Crowne Plaza in Pune. The resolution plans, put forward by Shree Naman Developers Private Limited, were valued at ₹1,611 crore for Gstaad and ₹189 crore for Neo. They were approved by the respective Committees of Creditors, where Omkara Assets Reconstruction Private Limited held the largest voting interest.
Shardul Amarchand Mangaldas & Co (SAM) acted as legal counsel to the Resolution Professional during the corporate insolvency resolution processes of both companies, and later advised the Monitoring Committees during implementation. The firm handled structuring and running the process for inviting, evaluating and negotiating resolution plans to maximise value, devised and executed litigation strategy in consultation with senior counsels, represented the Resolution Professional before the NCLT Mumbai Bench and other judicial fora, reviewed and negotiated transaction and financing documents, and steered the implementation of the plans through to completion.
The resolution process faced several challenges, including disputes over the constitution of the Committee of Creditors, verification and admission of claims, treatment of interest on claims during the insolvency period, security interests, and the distribution proposed under the plans. The firm defended the Resolution Professional against each of these challenges before the NCLT.
The outcome is notable under the Insolvency and Bankruptcy Code (IBC) for achieving full recovery to financial creditors, including 100% of the interest accruing on their dues during the corporate insolvency resolution process, along with substantial distributions to operational creditors, shareholders and related party creditors of Gstaad and Neo.
The SAM team was led by Anoop Rawat, Partner and National Practice Head – Insolvency & Restructuring; Soummo Biswas, Partner; and Shreyas Gupta, Partner. They were supported by Abhilash Chaudhary, Principal Associate; Jay Kothari, Senior Associate; and Ritika Sharma and Amandeep Saini, Associates, for the transaction and CIRP advisory as well as implementation of the resolution plan. The litigation team comprised Soummo Biswas, Shreyas Gupta, Abhilash Chaudhary, Ritika Sharma, Amandeep Saini, Shawaiz Nisar and Arjit Mishra. The resolution plan review team included Soummo Biswas, Shreyas Gupta, Abhilash Chaudhary, Yugal Jain and Nikhil Mathur, Principal Associates; Varnika Taya, Senior Associate; and Ritika Sharma, Amandeep Saini, Prarthana Ramesh and Arushi Handa, Associates.
Source: SCC Times