NCLT approves Shree Naman's ₹1,800-cr offer for Gstaad & Neo Hotels in rare full-recovery bankruptcy deal

In an insolvency regime routine with steep haircuts, a resolution plan for two hotel entities has bucked the trend by delivering full recovery to creditors and leaving a surplus for shareholders.

The Mumbai bench of the National Company Law Tribunal (NCLT) approved Shree Naman Developers’ ₹1,800 crore combined bid for Deepak B. Raheja Group-promoted Gstaad Hotels and Neo Capricorn Plaza, according to a report by the Economic Times.

The offer exceeds the total net admitted liabilities of approximately ₹1,227 crore across both entities, marking a rare outcome under the Corporate Insolvency Resolution Process (CIRP).

Gstaad Hotels, which owns the JW Marriott Hotel in Bengaluru, was acquired for ₹1,611 crore against admitted liabilities of ₹1,202 crore. Neo Capricorn Plaza, owner of Hotel Crowne Plaza in Pune, was bought for ₹189 crore against liabilities of ₹25 crore, as per the report.

The tribunal dismissed shareholder objections to the resolution plan and clarified that any residual funds remaining after fully settling the claims of financial and operational creditors will accrue to the shareholders.

Insolvency proceedings against the two companies were initiated in July 2025 following petitions filed by financial creditor Omkara Asset Reconstruction, after defaults totaling over ₹785 crore across both entities.

Shree Naman Developers plans to maintain the hotels as going concerns while redeveloping and refurbishing the properties into high-end, mixed-use commercial and luxury setups. The acquisition adds to Shree Naman’s portfolio of distressed real estate assets, following its earlier insolvency-led acquisitions of Neptune Developers in April 2025 and Radius Infra Holdings in 2024.