# Jayesh Sanghrajka, Resolution Professional of Gstaad Hotels Private Limited vs. Shree Naman Developers Private Limited & Ors.

> NCLT judgment dated 2026-09-03. Citation: TCN-2026-NCLT-00923. The Corporate Insolvency Resolution Process (CIRP) for Gstaad Hotels Private Limited commenced…

- **Court:** NCLT
- **Order date:** 3 Sept 2026
- **Citation:** TCN-2026-NCLT-00923
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/jayesh-sanghrajka-resolution-professional-of-gstaad-hotels-private-limited-vs-sh-c6gm8

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for Gstaad Hotels Private Limited commenced with an admission order on 09.01.2024, followed by a challenge from suspended directors that led to a remand and a second admission order on 08.07.2025. Mr. Jayesh Sanghrajka was appointed as the Resolution Professional (RP). Shree Naman Developers Private Limited submitted a Resolution Plan, which was approved by the Committee of Creditors (CoC) with 98.96% voting share on 11.05.2026. However, the suspended directors and promoters, Mr. Deepak B. Raheja and Mrs. Anita D. Raheja, filed an application (IA (IBC)/2516/2026) objecting to the plan's approval, citing various irregularities including non-compliance with IBC provisions, defective claim verification, improper CoC

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## Facts

The present Application is filed by Resolution Professional Mr. Jayesh Sanghrajka under Section 30(6) r/w Section 31(1) of the IBC, 2016, and Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the Resolution Plan.

The Resolution Plan dated 12.03.2026, along with clarification dated 07.05.2026, is for Gstaad Hotels Private Limited.

Shree Naman Developers Private Limited (Respondent No. 1) is the successful resolution applicant (SRA).

The Resolution Plan was approved by the Committee of Creditors (CoC) with 98.96% votes on 11.05.2026.

The Tribunal admitted the corporate debtor into CIRP on 09.01.2024 ("First Admission Order") and appointed Mr. Jayesh Sanghrajka as the interim resolution professional (IRP).

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted is non-compliant with the mandatory requirements of Sections …

**Ratio:** The NCLT's jurisdiction to review an approved resolution plan is limited to ensuring

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**Reasoning:** The Tribunal referred to K. Sashidhar vs. Indian Overseas Bank & Ors. and M.K.

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**Interpretation:** The NCLT acts as an adjudicating authority to check statutory compliance, not

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**Application:** The Resolution Plan was found to satisfy all mandatory requirements, including

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## Parties

- **Judges:** Shri. Prabhat…; Sushil Mahadeorao…
- **Appellants:** Jayesh Sanghrajka,…; Omkara Assets…; +2 more
- **Respondents:** Gstaad Hotels…; SHREE NAMAN…; +1 more
- **Other parties:** Ashok Ahw…; Anil A…; +10 more
- **Advocates:** Ryan D'…; Gaurav…; +11 more

## Timeline

- **2024-01-09 — First Admissi…**: The Tribunal admitted the corporate debtor into CIRP and appointed Mr. Jayesh Sanghrajka…
- **2024-01-24 — NCLAT Interi…**: The Hon'ble NCLAT stayed the constitution of the CoC pending further orders, pursuant to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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