The Supreme Court has upheld insolvency proceedings against Gstaad Hotels and Neo Capricorn Plaza, owners and operators of the JW Marriott hotel in Bengaluru and Crowne Plaza hotel in Pune, respectively, while clarifying that disputes over the precise quantum of outstanding debt cannot prevent the initiation of corporate insolvency resolution proceedings (CIRP).
The insolvency process has already resulted in the Mumbai bench of the National Company Law Tribunal (NCLT) approving Shree Naman Developers‘ combined Rs 1,800 crore resolution plans for the two companies. The plan for Gstaad Hotels is valued at Rs 1,611 crore, while that for Neo Capricorn Plaza is valued at Rs 189 crore.
The combined resolution value exceeds the two companies’…