NCLT Approves Shree Naman Developers’ ₹1,800 Crore Bid for Two Hotel Assets
Mumbai, Maharashtra | September 7, 2026: The Mumbai bench of the National Company Law Tribunal (NCLT) has approved Shree Naman Developers’ ₹1,800 crore resolution plans for acquiring Gstaad Hotels and Neo Capricorn Plaza through the insolvency process. The deal gives the developer control of two hotel assets in Bengaluru and Pune and includes plans for their redevelopment and refurbishment.
₹1,800 Crore Resolution Plan Approved
Under the approved plans, Shree Naman Developers will pay ₹1,611 crore for Gstaad Hotels and ₹189 crore for Neo Capricorn Plaza.
Gstaad Hotels owns the JW Marriott Hotel in Bengaluru, while Neo Capricorn Plaza owns the Crowne Plaza Hotel in Pune.
The combined admitted liabilities of the two companies were around ₹1,227 crore, making the resolution value significantly higher than their admitted liabilities.
Both Companies Entered Insolvency Proceedings
Gstaad Hotels entered the Corporate Insolvency Resolution Process (CIRP) in July 2025 following a petition by Omkara Asset Reconstruction over a default of approximately ₹665.74 crore.
Neo Capricorn Plaza was also admitted into CIRP in July 2025 after defaulting on around ₹120 crore owed to creditors.
Omkara Asset Reconstruction held the overwhelming majority of voting rights in the respective committees of creditors, allowing the resolution process to move forward.
Hotel Assets Could Get Mixed-Use Makeover
The approved resolution plan envisages keeping the companies operating as going concerns rather than simply liquidating their assets.
The proposal includes redevelopment and refurbishment of the hotel premises into a high-end, mixed-use development potentially combining luxury hospitality, residential and retail or commercial facilities.
This could create additional real estate value from established hotel properties while retaining their hospitality component.
Creditors to Receive Upfront Payments
According to the resolution plan presented before the tribunal, ₹1,611 crore will be paid upfront towards the admitted and contingent debts of Gstaad Hotels in accordance with the approved terms.
The tribunal also rejected objections raised by company shareholders. It clarified that any residual resolution proceeds remaining after settlement of creditors' claims would accrue to the shareholders.
Distressed Hotel Assets Become Real Estate Opportunity
The transaction highlights the growing role of the insolvency resolution process in bringing distressed hospitality and property assets back into productive use.
For commercial real estate investors and developers, such acquisitions can provide access to established locations and existing properties that may have redevelopment potential, although they also involve legal, financial and operational due diligence.
Shree Naman Expands Insolvency Acquisition Strategy
The acquisition is part of Shree Naman Developers’ broader strategy of acquiring distressed businesses through insolvency proceedings.
The developer acquired realty firm Neptune Developers in April 2026 and had earlier acquired Radius Infra Holdings in 2024.
The latest NCLT approvals further expand its portfolio and strengthen its presence in the redevelopment and distressed real estate market.
What the Deal Means for Property Markets
The proposed transformation of the Bengaluru and Pune hotel assets into mixed-use developments could add new hospitality, residential and commercial capacity in established urban locations.
The success of the projects will ultimately depend on execution, redevelopment approvals, investment and market demand. For the wider real estate sector, however, the transaction demonstrates how insolvency proceedings can unlock value from financially distressed but strategically located properties.