The Mumbai Bench of the National Company Law Tribunal (NCLT) has delivered an order initiating the Corporate Insolvency Resolution Process (CIRP) against Gstaad Hotels Private Limited. The ruling, made on July 8, 2025, by Justice Virendrasingh G Bisht (Retd.), Member (Judicial), and Prabhat Kumar, Member (Technical), stems from a significant financial default.
The insolvency petition, CP (IB) No. 291 of 2023, was filed on March 9, 2023, by Omkara Asset Reconstruction Private Limited, the Financial Creditor. The petitioner claimed a total defaulted amount of Rs 666 croreas on February 27, 2023.
Omkara Asset Reconstruction Private Limited acquired the rights to these outstanding amounts from Piramal Capital and Housing…