JW Marriott Bengaluru, Crowne Plaza Pune Get New Owner Through Insolvency Route
What Happened
The Mumbai bench of the NCLT approved Shree Naman Developers’ ₹1,800-crore resolution plan for Gstaad Hotels and Neo Capricorn Plaza, owners of the JW Marriott Bengaluru and Crowne Plaza Pune, respectively. The bid includes ₹1,611 crore for Gstaad Hotels and ₹189 crore for Neo Capricorn Plaza.
Key Takeaways
The approved bid is higher than the companies’ combined admitted liabilities of about ₹1,227 crore, making it a rare insolvency case where creditors are set to receive full recovery. Shree Naman plans to continue operating the hotel businesses while pursuing redevelopment and refurbishment opportunities.