Mumbai NCLT Approves ₹1,611-Crore Resolution Plan For Gstaad Hotels

The Mumbai Bench-I of the National Company Law Tribunal (NCLT) has approved a ₹1,611-crore resolution plan for Gstaad Hotels Private Limited. This plan, submitted by Shree Naman Developers Private Limited, paves the way for the revival of the hospitality company.

The order was pronounced on September 3, 2026, by the bench comprising judicial member Sushil Mahadeorao Kochey and technical member Prabhat Kumar. The resolution plan provides for a total consideration of ₹1,611 crore, which is substantially higher than the company's average liquidation value of ₹1,028.33 crore.

Two registered valuers had assessed the liquidation value at ₹1,047.65 crore and ₹1,009.01 crore, respectively. The tribunal said the higher resolution amount demonstrated that the plan was commercially more beneficial than liquidation and would maximise value for stakeholders.

The resolution plan submitted by Shree Naman Developers Private Limited provides for payment of 100% of admitted claims of operational creditors. It also provides for upfront settlement of admitted debts and contingent debts through the ₹1,611-crore resolution amount.

Shree Naman Developers, a real estate developer with interests in hospitality and allied sectors, emerged as the successful resolution applicant. Its plan was approved by the Committee of Creditors (CoC) with 98.96% of the voting share.

The approval was opposed by suspended directors Deepak B. Raheja and Anita D. Raheja, who sought rejection of the resolution plan. They alleged that claims forming the basis of the CoC's constitution and voting rights had not been properly verified.

The tribunal rejected the objections raised by the suspended directors, stating that the resolution plan was commercially more beneficial than liquidation and would maximise value for stakeholders.

The approval of the resolution plan is a significant development for Gstaad Hotels, which has been undergoing a corporate insolvency resolution process. The plan provides a roadmap for the revival of the company and will help to maximise value for stakeholders.

The NCLT's decision is also a positive development for the hospitality industry, which has been impacted by the COVID-19 pandemic. The approval of the resolution plan demonstrates the effectiveness of the insolvency resolution process in reviving distressed companies.

In the context of the Indian economy, the approval of the resolution plan is a significant step towards promoting economic growth and stability. The insolvency resolution process has been instrumental in resolving distressed assets and promoting economic recovery.

The decision of the NCLT will have a positive impact on the stakeholders of Gstaad Hotels, including creditors, employees, and customers. The revival of the company will help to restore confidence in the hospitality industry and promote economic growth.

In conclusion, the approval of the ₹1,611-crore resolution plan for Gstaad Hotels is a significant development for the company and the hospitality industry. The plan provides a roadmap for the revival of the company and will help to maximise value for stakeholders.

The NCLT's decision demonstrates the effectiveness of the insolvency resolution process in resolving distressed assets and promoting economic recovery. The approval of the resolution plan is a positive development for the Indian economy and will have a positive impact on the stakeholders of Gstaad Hotels.