The Mumbai bench of the National Company Law Tribunal (NCLT) has ordered the initiation of a corporate insolvency resolution process (CIRP) against Gstaad Hotels Pvt Ltd following a petition by its financial creditor, Omkara Asset Reconstruction Pvt Ltd, owing to a default of Rs 665.74 crore.
The debt, originally extended by Piramal Capital and Housing Finance Ltd, was assigned to Omkara Asset Reconstruction in December 2022.
The tribunal’s ruling comes after a prolonged legal battle, where Gstaad Hotels, owner of the JW Marriott Bengaluru, contested both the validity of the debt assignment and the alleged default. However, after fresh hearings, the NCLT concluded that the default was substantial and backed by contractual…