NCLAT upholds order to admit IBC pleas vs GSTAAD Hotels, arm Neo Capricorn
This story was originally published at 19:18 IST on 19 August 2025
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NEW DELHI – The National Company Law Appellate Tribunal on Tuesday upheld the National Company Law Tribunal, Mumbai bench's orders to admit petitions by Omkara Asset Reconstruction Pvt. Ltd. to start insolvency proceedings against GSTAAD Hotels Pvt. Ltd. and its arm Neo Capricorn Plaza Pvt. Ltd. The appellate tribunal dismissed pleas by Deepak Raheja, the suspended director of both the companies, against the Mumbai tribunal's July orders.
GSTAAD Hotels and Neo Capricorn run the JW Marriott Hotel in Bengaluru and the Crown Plaza Hotel in Pune, respectively.
The appellate tribunal noted that during the pendency of proceedings in the Mumbai tribunal, the companies had given a one-time settlement proposal on Apr. 30 for INR 7.44 billion. The settlement offer thus makes it clear that debt and default has been admitted by the companies, said the appellate tribunal.
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. End
Reported by Surya Tripathi
Edited by Avishek Dutta
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