Shardul Amarchand Mangaldas & Co (SAM) acted as the legal counsel to the Resolution Professional in the corporate insolvency resolution processes of Gstaad Hotels Private Limited (Gstaad) which owns the JW Marriott, Bengaluru; and Neo Capricorn Plaza Private Limited (Neo) which owns the Crowne Plaza, Pune, and subsequently as advisors to the Monitoring Committees of Gstaad and Neo at time of implementation of their resolution plans. The resolution plans, valued at ₹1,800 crore (₹1,611 crore for Gstaad and ₹189 crore for Neo), were put forward by Shree Naman Developers Private Limited and approved by the respective Committees of Creditors (where Omkara Assets Reconstruction Private Limited held the largest voting interest). The NCLT, Mumbai Bench approved the resolution plans for Gstaad and Neo respectively on September 3, 2026, and the resolution plans were implemented on October 1, 2026.
SAM Team played a pivotal role across the full life cycle of the mandate, including: structuring and running the process for inviting, evaluating and negotiating resolution plans with a view to maximise value; devising and executing the litigation strategy in consultation with the senior counsels; representing the Resolution Professional before the Hon’ble NCLT, Mumbai Bench and other judicial fora; reviewing and negotiating the transaction and financing documents; and steering the implementation of the resolution plans for Gstaad and Neo through to completion.
This matter stands out for the scale, intensity and variety of litigation it involved, and for an outcome that is rarely achieved under the IBC: full recovery to financial creditors (including 100% of the interest accruing on their dues during the CIRP), along with substantial distributions to operational creditors, shareholders and related party creditors of Gstaad and Neo. The resolution process faced numerous challenges, including disputes over the constitution of the CoC, the verification and admission of claims, the treatment of interest on claims during the CIRP period, security interests, and the distribution proposed under the resolution plans. The Firm successfully defended the Resolution Professional against each of these challenges before the Hon’ble NCLT, reflecting the effectiveness of a coordinated commercial and legal strategy in complex insolvency proceedings.
The SAM team was led by Anoop Rawat, Partner, National Practice Head – Insolvency & Restructuring; Soummo Biswas, Partner; and Shreyas Gupta, Partner.
They were supported by Abhilash Chaudhary, Principal Associate; Jay Kothari, Senior Associate and Ritika Sharma and Amandeep Saini, Associates for the transaction and CIRP advisory as well as the implementation of the resolution plan.
The litigation team comprised Soummo Biswas, Partner; Shreyas Gupta, Partner; Abhilash Chaudhary, Principal Associate; Ritika Sharma, Amandeep Saini, Shawaiz Nisar and Arjit Mishra, Associates.
The resolution plan review team comprised Soummo Biswas, Partner; Shreyas Gupta, Partner; Abhilash Chaudhary, Yugal Jain and Nikhil Mathur, Principal Associates; Varnika Taya, Senior Associate; and Ritika Sharma, Amandeep Saini, Prarthana Ramesh and Arushi Handa, Associates.
