Mumbai, India – In a significant ruling, the Mumbai bench of the National Company Law Tribunal (NCLT) has given its assent to Shree Naman Developers' ₹1,800 crore resolution plan for two prominent hotel entities: Gstaad Hotels and Neo Capricorn Plaza. This decision, made public on September 7, 2026, marks a rare instance of full recovery for creditors within India's Corporate Insolvency Resolution Process (CIRP).
The approved bid significantly exceeds the total net admitted liabilities of approximately ₹1,227 crore across both companies, ensuring that not only will financial and operational creditors receive their full dues, but a surplus will also accrue to the shareholders.
Details of the Acquisition
Gstaad Hotels, which owns the prestigious JW Marriott Hotel in Bengaluru, was acquired for ₹1,611 crore against admitted liabilities of ₹1,202 crore. Neo Capricorn Plaza, owner of the Hotel Crowne Plaza in Pune, was purchased for ₹189 crore, covering its liabilities of ₹25 crore. Both entities were promoted by the Deepak B. Raheja Group.
The NCLT dismissed objections raised by shareholders regarding the resolution plan, reaffirming the distribution of residual funds to shareholders after all creditor claims are settled.
Background of the Insolvency Proceedings
Insolvency proceedings against Gstaad Hotels and Neo Capricorn Plaza commenced in July 2025. This followed petitions filed by financial creditor Omkara Asset Reconstruction, prompted by defaults totaling over ₹785 crore across the two entities.
Shree Naman Developers' Future Plans
Shree Naman Developers has outlined plans to maintain both hotels as going concerns while embarking on extensive redevelopment and refurbishment. The objective is to transform these properties into high-end, mixed-use commercial and luxury establishments, enhancing their value and market position.
This acquisition further strengthens Shree Naman Developers' portfolio of distressed real estate assets. The company has a history of strategic insolvency-led acquisitions, including Neptune Developers in April 2025 and Radius Infra Holdings in 2024, demonstrating a consistent approach to growth through such opportunities.