Archive · 8 Sep 2026
Mumbai NCLT Approves ₹1,611-Crore Plan for Gstaad Hotels Revival
The Mumbai NCLT approved a plan to revive Gstaad Hotels.
Shree Naman Developers submitted the plan.
It will pay ₹1,611 crore to resolve the company’s debts.
This amount is higher than the company’s estimated liquidation value of ₹1,028.33 crore.
The creditors’ committee approved the plan with 98.96% of the vote.
The plan promises to pay all admitted claims of operational creditors.
Suspended directors Deepak B. Raheja and Anita D. Raheja argued that some debts and voting rights had not been properly checked.
The tribunal rejected their objections and said it generally cannot replace the creditors’ commercial judgment.
The Mumbai NCLT approved Shree Naman Developers’ ₹1,611-crore resolution plan for Gstaad Hotels.
The plan exceeds Gstaad Hotels’ average liquidation value of ₹1,028.33 crore.
The Committee of Creditors approved the plan with 98.96% of voting share.
The plan provides for 100% payment of admitted operational creditors’ claims.
Suspended directors Deepak B. Raheja and Anita D. Raheja opposed the plan, but the tribunal rejected their objections.
- Who
- The Mumbai Bench-I of the National Company Law Tribunal, Shree Naman Developers, the Committee of Creditors, and suspended directors Deepak B. Raheja and Anita D. Raheja.
- What
- The tribunal approved Shree Naman Developers’ ₹1,611-crore resolution plan for Gstaad Hotels and rejected objections from its suspended directors.
- When
- The order was pronounced on September 3, 2026, and the article is dated September 7, 2026.
- Where
- The Mumbai Bench-I of the National Company Law Tribunal.
- Why
- The tribunal found that the plan offered more than the company’s average liquidation value, maximised stakeholder value, and complied with applicable requirements.
Suspended Directors’ Objections
Tribunal and Creditors’ Position
Verification of claims and voting rights
Suspended Directors’ Objections
The suspended directors alleged that disputed and evolving claims, particularly debt claimed by Omkara Assets Reconstruction Private Limited, had not been independently verified and could have affected creditor classification and Committee of Creditors voting rights.
Tribunal and Creditors’ Position
The tribunal rejected the objections, stating that the directors had not provided cogent material showing that relevant information was unavailable to or not considered by the Committee of Creditors.
Commercial assessment of the plan
Suspended Directors’ Objections
The suspended directors sought rejection of the resolution plan and questioned the treatment of interest, security interests, ECLGS facilities, avoidance recoveries, and shareholder interests.
Tribunal and Creditors’ Position
The tribunal said its jurisdiction in reviewing a resolution plan is limited and that it ordinarily cannot interfere with the Committee of Creditors’ commercial wisdom.
Resolution versus liquidation
Suspended Directors’ Objections
The suspended directors challenged approval of the plan on grounds including alleged defects in the insolvency process and stakeholder treatment.
Tribunal and Creditors’ Position
The tribunal found the ₹1,611-crore plan commercially more beneficial than liquidation because it exceeded the average liquidation value of ₹1,028.33 crore and provided for required creditor payments.
- Resolution amount
- ₹1,611 crore
- Average liquidation value
- ₹1,028.33 crore
- Committee of Creditors approval
- 98.96% of voting share
- Successful resolution applicant
- Shree Naman Developers Private Limited
- Operational creditor payments
- 100% of admitted claims
- Order date
- September 3, 2026
- Objectors
- Suspended directors Deepak B. Raheja and Anita D. Raheja