Mumbai: The bankruptcy court in Mumbai has approved Shree Naman Developers‘ plan to acquire Deepak B Raheja Group-owned Gstaad Hotels and Neo Capricorn Plaza for a combined price of ₹1,800 crore through resolution plans. The buyer has proposed to pay ₹1,611 crore for Gstaad Hotels, which owns JW Marriott Hotel in Bengaluru, and ₹189 crore for Neo Capricorn Plaza, which owns Hotel Crowne Plaza in Pune, according to the orders issued by the Mumbai bench of the National Company Law Tribunal (NCLT). ET has reviewed the orders.
This is a rare instance of the bid amount being higher than the net admitted liabilities. Both companies’ net admitted liabilities are around ₹1,227 crore, including about ₹1,202 crore for Gstaad Hotels and…