NCLAT sets aside IBC proceedings against GSTAAD Hotels, Capricorn Plaza
This story was originally published at 19:16 IST on 8 January 2025
Register to read our real-time news.Informist, Wednesday, Jan. 8, 2025
NEW DELHI – The National Company Law Appellate Tribunal Wednesday set aside an order by the Mumbai bench of the National Company Law Tribunal to start insolvency proceedings against GSTAAD Hotels Pvt. Ltd. and its arm Capricorn Plaza Pvt. Ltd., which run the JW Marriott Hotel in Bengaluru and the Crown Plaza Hotel in Pune, respectively. The appellate tribunal asked the Mumbai tribunal to decide "afresh" insolvency case against the two companies.
In 2017, Piramal Capital and Housing Finance Ltd. had entered into a loan agreement with GSTAAD Hotels and Neo Capricorn Plaza to extend the term loan facility of INR 600 billion. In this, GSTAAD Hotels was granted a loan of INR 4.50 billion and INR 500 million as a revolving facility. Neo Capricorn Plaza was granted a loan of INR 1 billion. Thereafter, a security trustee agreement was also entered between Piramal Capital, the companies and IDBI Trusteeship Services Ltd.
In 2021, IDBI Trusteeship had moved the Mumbai tribunal to start insolvency proceedings against GSTAAD Hotels and Neo Capricorn Plaza. However, the company petition was withdrawn by IDBI Trusteeship against both the companies. In 2022, the lenders assigned their rights for dues to Omkara Asset Reconstruction Pvt. Ltd., which later moved the Mumbai tribunal to start insolvency proceedings against the two companies.
In January 2024, the Mumbai tribunal admitted the petitions to start insolvency proceedings against GSTAAD Hotels and Neo Capricorn Plaza. The suspended director of both the companies had challenged the Mumbai tribunal's order in the appellate tribunal. End
Reported by Surya Tripathi
Edited by Tanima Banerjee
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
