Mumbai: The bankruptcy court in Mumbai has approved Shree Naman Developers‘ plan to acquire Deepak B Raheja Group-owned Gstaad Hotels and Neo Capricorn Plaza for a combined price of ₹1,800 crore through resolution plans. The buyer has proposed to pay ₹1,611 crore for Gstaad Hotels, which owns JW Marriott Hotel in Bengaluru, and ₹189 crore for Neo Capricorn Plaza, which owns Hotel Crowne Plaza in Pune, according to the orders issued by the Mumbai bench of the National Company Law Tribunal (NCLT). ET has reviewed the orders.
This is a rare instance of the bid amount being higher than the net admitted liabilities. Both companies’ net admitted liabilities are around ₹1,227 crore, including about ₹1,202 crore for Gstaad Hotels and about ₹25 crore for Neo Capricorn Plaza.
In July 2025, the Mumbai bench of NCLT had ordered the initiation of a corporate insolvency resolution process (CIRP) against Gstaad Hotels following a petition by its financial creditor, Omkara Asset Reconstruction, over a default of ₹665.74 crore.
In the committee of creditors (CoC) of Gstaad Hotels, Omkara Asset Reconstruction holds 95.76% voting share, followed by Global Hospitality Licensing at 3.20%, Kanazawa Holdings at 0.91% and Ahuja Finance Company at 0.13%.
In the case of Neo Capricorn Plaza, in July 2025, the tribunal allowed an application to initiate CIRP filed by Omkara Assets Reconstruction after the company defaulted on its dues of ₹120 crore. In the CoC of Neo Capricorn, Omkara Asset Reconstruction holds 99.93% of the voting share, while HDFC Bank holds 0.02% and SEP Energy holds 0.05%.
Before the tribunal’s approval, Ryan D’souza, counsel appearing for the CoC, argued that the revival plan envisages continuation of the corporate debtor (companies) as a going concern, with the proposed redevelopment and refurbishment of its hotel premises into a high-end, mixed-use property comprising luxury hospitality, residential and retail/commercial facilities.
Senior advocate Prateek Seksaria, appearing for the resolution professional of both companies, informed the tribunal that the plan provides for an upfront payment of ₹1,611 crore towards discharge of all admitted debts and contingent debts, if payable, in accordance with the terms of the resolution plan.
While approving the resolution plans, the tribunal also dismissed the objections filed by the shareholders of the company, clarifying that the residual resolution money after settlement of the creditors’ claims will accrue to the shareholders. Shree Naman Developers has been acquiring bankrupt companies through the insolvency resolution process. Last April, it acquired realty firm Neptune Developers, and in 2024, it acquired realty developer Radius Infra Holdings.
