The offer exceeds the total net admitted liabilities of approximately ₹1,227 crore across both entities, marking a rare outcome under the Corporate Insolvency Resolution Process (CIRP).
Gstaad Hotels, which owns the JW Marriott Hotel in Bengaluru, was acquired for ₹1,611 crore against admitted liabilities of ₹1,202 crore. Neo Capricorn Plaza, owner of Hotel Crowne Plaza in Pune, was bought for ₹189 crore against liabilities of ₹25 crore, as per the report.
The tribunal dismissed shareholder objections to the resolution plan and clarified that any residual funds remaining after fully settling the claims of financial and operational creditors will accrue to the shareholders.
Insolvency proceedings against the two companies were…