NCLT admits insolvency petitions against GSTAAD Hotels, arm Neo Capricorn
This story was originally published at 19:14 IST on 8 July 2025
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NEW DELHI – The Mumbai bench of the National Company Law Tribunal Tuesday admitted petitions by Omkara Asset Reconstruction Pvt. Ltd. to start insolvency proceedings against GSTAAD Hotels Pvt. Ltd. and its arm Neo Capricorn Plaza Pvt. Ltd., which run the JW Marriott Hotel in Bengaluru and the Crown Plaza Hotel in Pune, respectively. The tribunal appointed Jayesh Natvarlal Sanghrajka as the interim resolution professional of both companies to carry out the functions as per the Insolvency and Bankruptcy Code, 2016.
In 2017, Piramal Capital and Housing Finance Ltd. had entered into a loan agreement with GSTAAD Hotels and Neo Capricorn Plaza to extend a term loan facility of INR 6.00 billion. 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 1.00 billion. Thereafter, a security trustee agreement was entered into between Piramal Capital, the companies, and IDBI Trusteeship Services Ltd.
In 2021, IDBI Trusteeship had moved the Mumbai bench of the tribunal to start insolvency proceedings against GSTAAD Hotels and Neo Capricorn Plaza. However, IDBI Trusteeship later withdrew the petition against both companies. In 2022, the lenders assigned their rights for dues to Omkara Asset Reconstruction, which later moved the Mumbai bench to start insolvency proceedings against the two companies.
In January 2024, the Mumbai bench had admitted the petitions to start insolvency proceedings against GSTAAD Hotels and Neo Capricorn Plaza. The suspended director of both companies had challenged the tribunal's order before the National Company Law Appellate Tribunal.
In January 2025, the appellate tribunal set aside the order by the Mumbai bench to start insolvency proceedings against GSTAAD Hotels and Capricorn Plaza and asked it to decide the insolvency case against the two companies afresh. End
Reported by Surya Tripathi
Edited by Rajeev Pai
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