NCLT approves Shree Naman's Rs 1,800 cr bid for Gstaad, Neo Hotels

The bankruptcy court in Mumbai has greenlit Shree Naman Developers' ambitious acquisition valued at ₹1,800 crore for two hotel establishments. This comprehensive plan allocates ₹1,611 crore to Gstaad Hotels and ₹189 crore to Neo Capricorn Plaza, significantly surpassing the total admitted liabilities of around ₹1,227 crore. The resolution aims to maintain the corporate entities as ongoing operations, reflecting Shree Naman Developers' robust strategy of acquiring distressed businesses via insolvency procedures.