NCLT Initiates Insolvency Proceedings Against Gstaad Hotels for ₹666 Crore Default

The National Company Law Tribunal (NCLT), Mumbai Bench, has initiated insolvency proceedings against Gstaad Hotels Ltd following a default of ₹665.74 crore.

The petition was filed by Omkara Asset Reconstruction Company, acting as a financial creditor. The Tribunal admitted the petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), citing the existence of a debt and default.

Gstaad Hotels failed to repay loans given by Yes Bank. The tribunal appointed an Interim Resolution Professional (IRP) to take charge of the company’s affairs during the insolvency process.