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Omkara Assets Reconstruction

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uuid000kn4z

Namestring
Omkara Assets Reconstruction
Legal namestring
Omkara Assets Reconstruction Private Limited
Websiteurl
omkaraarc.com
Company typeenum
Private
Founded yearint
2014
Descriptiontext

Omkara Assets Reconstruction Private Limited is an RBI-registered Asset Reconstruction Company (ARC) incorporated in 2014 and licensed in 2015 under Section 3 of the SARFAESI Act, 2002. It acquires non-performing and stressed financial assets from banks and financial institutions, either through cash purchases or via trust-issued Security Receipts (SRs) subscribed by selling banks, qualified institutional buyers, and Omkara itself, then resolves them through restructuring, rescheduling, additional financing, settlement negotiations, enforcement of security interest under SARFAESI, management change, or sale/lease of business assets.

The company's product surface comprises five core lines: Asset Acquisition Services (cash and SR-based NPA purchase), Security Receipts (investor instruments), Resolution Services (the turnaround toolkit), an online Auction Platform for SARFAESI-possessed secured assets across multiple states, and a Stressed Assets Stabilisation Fund (SASF) publication series. Operations are organized across five Indian offices — Mumbai (corporate HQ at Kohinoor Square), Tirupur (registered office), Chennai (regional HQ), New Delhi, and Kolkata — supporting a portfolio of 200+ stressed accounts across textiles, steel, infrastructure, hospitality, and manufacturing.

The revenue model is transaction-fee based: Omkara earns on the spread between discounted acquisition cost and ultimate recovery, plus implicit management/structuring fees on Security Receipt issuances. Go-to-market is direct-relationship driven — bilateral negotiations with banks and other ARCs for portfolio acquisition, supplemented by institutional co-investment partnerships (notably with Oaktree Capital Management for the ₹1,200 crore GTL Infrastructure debt acquisition in March 2026). The company is privately held, promoter-controlled by Dr. A. Sakthivel and Manish Motilal Lalwani, with no institutional equity funding rounds disclosed, and operates with a headcount of 11–50 employees anchored by a leadership team of former IDBI Bank, RBI, and SBI senior executives.

Short descriptiontext

Omkara Assets Reconstruction Private Limited is an RBI-licensed Asset Reconstruction Company that acquires and resolves non-performing assets from Indian banks and financial institutions through SARFAESI enforcement, restructuring, and Security Receipt issuances, serving primarily MSME borrowers and institutional sellers of distressed debt.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
11–50
akta.pro rankint
HeadquartersMumbai, India
HQ citystring
Mumbai
HQ countrystring
India
HQ regionstring
Asia
Markets served

Serves global market

Offices5 records

Each record includes

City, Country, Type, Description, Source

Keyword5 values
asset reconstruction services, distressed asset acquisition, NPA resolution services, stressed asset management, debt recovery services
Industry1 code
1Asset-Backed Securities (ABS)
CodeFSACACAAPrimaryYes
NAICS code2 codes
  • Funds, Trusts, and Other Financial Vehicles525
  • Other Investment Pools and Funds5259
SIC code1 code
  • Asset-Backed Securities6189
Product category
Asset Reconstruction Services
No data
GTM motion2 records

Each record includes

Type, Description, Source

Revenue model3 records
1Distressed Asset Acquisition and Resolution
TypeTransaction Fee
Description

Omkara ARC acquires non-performing assets (NPAs) from banks and financial institutions at a discount to face value, then works to resolve these assets through restructuring, settlement, or enforcement, generating returns from the differential between acquisition cost and recovery value. Assets are acquired either on cash basis or through Security Receipts (SRs) issued to investors including selling banks, Omkara ARC itself, and qualified institutional buyers.

omkaraarc.com
2Recovery and Enforcement Services
TypeTransaction Fee
Description

Revenue generated from enforcement of security interests under SARFAESI Act, restructuring and rescheduling of borrower debts, settlement negotiations, and asset sales or leases. The company aims to revive financial assets while maximizing stakeholder returns.

omkaraarc.com
3Secondary Market Debt Trading
TypeTransaction Fee
Description

Acquisition of stressed debt from other ARCs and financial institutions in secondary market transactions, with targeted exit within defined timelines through asset sales or negotiated settlements.

cfo.economictimes.indiatimes.com
Marketing channels2 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels3 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components4 values
Personnel, Operations, Others, Infrastructure
GTM typeB2B
B2B
Offering typeServices
Services
Core offering1 text field

Omkara Assets Reconstruction is an RBI-licensed Asset Reconstruction Company (ARC) that acquires non-performing assets (NPAs) and stressed financial assets from banks and financial institutions at a discount to face value, either on a cash basis or through issuance of Security Receipts (SRs). The company then resolves these distressed accounts through restructuring, rescheduling, additional finance, settlement, change in management, enforcement of security interest under the SARFAESI Act, or sale/lease of business assets, with a stated focus on MSME borrowers across all sectors throughout India.

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 of 2 values shown
  • Acquisition of ₹1,200 crore stressed debt of GTL Infrastructure from Edelweiss ARC with target exit within 2 years
+1 more record
Product overview1 text field

Omkara Assets Reconstruction Private Limited operates as an RBI-registered Asset Reconstruction Company (ARC) under the SARFAESI Act, offering a unified platform for distressed asset management. The core portfolio consists of: (1) Asset Acquisition Services — purchasing NPAs from banks/FIs via cash or Security Receipts; (2) Security Receipts (SRs) — trust-issued instruments for investors participating in asset acquisition; (3) Resolution Services — restructuring, settlement, enforcement, and operational turnaround of acquired distressed accounts; (4) Auction Services — digital marketplace for secured asset disposal under SARFAESI; and (5) SASF Publication — transparency and reporting on stressed assets. The company focuses on MSMEs and operates nationally from Mumbai with presence in Delhi, Chennai, Kolkata, and Tirupur.

Product and service4 records
1Asset Acquisition Services
CategoryAsset Reconstruction
Description

Acquisition of sub-standard, doubtful, loss, and potentially distressed financial assets from banks and financial institutions, either on a cash basis or via Security Receipts (SRs), governed by a board-approved acquisition policy covering preliminary review, legal due diligence, valuations, and execution of legal documents.

2Security Receipts (SRs)
CategoryAsset Reconstruction
Description

Trust-issued asset-backed security receipts offered to investors (selling banks, QIBs, and Omkara ARC itself) when acquiring financial assets on a non-cash basis, allowing Omkara to fund acquisitions through trustee-managed trusts while investors share in the recovery upside.

3Resolution Services
CategoryAsset Reconstruction
Description

Comprehensive distressed asset resolution services including restructuring/rescheduling of debts, additional finance for revival, settlement of dues, enforcement of security interest under SARFAESI Act, change in management, and sale/lease of business assets, governed by a board-approved resolution policy.

4Auction Services
CategoryAsset Reconstruction
Description

Property auction platform for sale of secured assets possessed under the SARFAESI Act, featuring residential, commercial, and industrial properties across multiple Indian states including Maharashtra, Telangana, Haryana, Tamil Nadu, Madhya Pradesh, and Uttarakhand.

Scale indicator4 records

Each record includes

Type, Value, Description, Source

Recent move5 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight4 records

Each record includes

Type, Description

Market position
Weaknesses5 records

Each record includes

Headline, Details, Source

Competitive moat4 records

Each record includes

Type, Details

Key risks6 records

Each record includes

Headline, Details, Source

Key highlights6 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Named customers3 records

Each record includes

Name, Industry, Type, Use case, Source, UUID

Segment3 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile3 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Feature3 records

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles5 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

No data
No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment1 record

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Omkara Assets Reconstruction

Asset Reconstruction Servicesomkaraarc.com

Omkara Assets Reconstruction Private Limited is an RBI-licensed Asset Reconstruction Company that acquires and resolves non-performing assets from Indian banks and financial institutions through SARFAESI enforcement, restructuring, and Security Receipt issuances, serving primarily MSME borrowers and institutional sellers of distressed debt.

What Omkara Assets Reconstruction does

Omkara Assets Reconstruction Private Limited is an RBI-registered Asset Reconstruction Company (ARC) incorporated in 2014 and licensed in 2015 under Section 3 of the SARFAESI Act, 2002. It acquires non-performing and stressed financial assets from banks and financial institutions, either through cash purchases or via trust-issued Security Receipts (SRs) subscribed by selling banks, qualified institutional buyers, and Omkara itself, then resolves them through restructuring, rescheduling, additional financing, settlement negotiations, enforcement of security interest under SARFAESI, management change, or sale/lease of business assets.

The company's product surface comprises five core lines: Asset Acquisition Services (cash and SR-based NPA purchase), Security Receipts (investor instruments), Resolution Services (the turnaround toolkit), an online Auction Platform for SARFAESI-possessed secured assets across multiple states, and a Stressed Assets Stabilisation Fund (SASF) publication series. Operations are organized across five Indian offices — Mumbai (corporate HQ at Kohinoor Square), Tirupur (registered office), Chennai (regional HQ), New Delhi, and Kolkata — supporting a portfolio of 200+ stressed accounts across textiles, steel, infrastructure, hospitality, and manufacturing.

The revenue model is transaction-fee based: Omkara earns on the spread between discounted acquisition cost and ultimate recovery, plus implicit management/structuring fees on Security Receipt issuances. Go-to-market is direct-relationship driven — bilateral negotiations with banks and other ARCs for portfolio acquisition, supplemented by institutional co-investment partnerships (notably with Oaktree Capital Management for the ₹1,200 crore GTL Infrastructure debt acquisition in March 2026). The company is privately held, promoter-controlled by Dr. A. Sakthivel and Manish Motilal Lalwani, with no institutional equity funding rounds disclosed, and operates with a headcount of 11–50 employees anchored by a leadership team of former IDBI Bank, RBI, and SBI senior executives.

Omkara Assets Reconstruction firmographics

Firmographics
Name
Omkara Assets Reconstruction
Legal name
Omkara Assets Reconstruction Private Limited
Website
https://omkaraarc.com
Company type
Private
Founded year
2014
Operating status
Operating
Headcount range
11–50 employees
Short description
Omkara Assets Reconstruction Private Limited is an RBI-licensed Asset Reconstruction Company that acquires and resolves non-performing assets from Indian banks and financial institutions through SARFAESI enforcement, restructuring, and Security Receipt issuances, serving primarily MSME borrowers and institutional sellers of distressed debt.
Ownership category
akta.pro rank

Omkara Assets Reconstruction industry classification

Industry
Product category
Asset Reconstruction Services
NAICS
Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)
SIC
Asset-Backed Securities (6189)
akta.pro primary industry
Asset-Backed Securities (ABS) (FSACACAA)

Keywords

  • Asset reconstruction services
  • Distressed asset acquisition
  • NPA resolution services
  • Stressed asset management
  • Debt recovery services

Where Omkara Assets Reconstruction is headquartered

Location

Headquarters

HQ city
Mumbai
HQ country
India
HQ region
Asia

Offices5 records

Markets served

Omkara Assets Reconstruction business model

Business model
GTM type
B2B
Offering type
Services
Cost components
Personnel, Operations, Others, Infrastructure

Revenue model

  1. Distressed Asset Acquisition and Resolution: Omkara ARC acquires non-performing assets (NPAs) from banks and financial institutions at a discount to face value, then works to resolve these assets through restructuring, settlement, or enforcement, generating returns from the differential between acquisition cost and recovery value. Assets are acquired either on cash basis or through Security Receipts (SRs) issued to investors including selling banks, Omkara ARC itself, and qualified institutional buyers.
  2. Recovery and Enforcement Services: Revenue generated from enforcement of security interests under SARFAESI Act, restructuring and rescheduling of borrower debts, settlement negotiations, and asset sales or leases. The company aims to revive financial assets while maximizing stakeholder returns.
  3. Secondary Market Debt Trading: Acquisition of stressed debt from other ARCs and financial institutions in secondary market transactions, with targeted exit within defined timelines through asset sales or negotiated settlements.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels2 records

Omkara Assets Reconstruction product offering

Product offering

Core offering

Omkara Assets Reconstruction is an RBI-licensed Asset Reconstruction Company (ARC) that acquires non-performing assets (NPAs) and stressed financial assets from banks and financial institutions at a discount to face value, either on a cash basis or through issuance of Security Receipts (SRs). The company then resolves these distressed accounts through restructuring, rescheduling, additional finance, settlement, change in management, enforcement of security interest under the SARFAESI Act, or sale/lease of business assets, with a stated focus on MSME borrowers across all sectors throughout India.

Product overview

Omkara Assets Reconstruction Private Limited operates as an RBI-registered Asset Reconstruction Company (ARC) under the SARFAESI Act, offering a unified platform for distressed asset management. The core portfolio consists of: (1) Asset Acquisition Services — purchasing NPAs from banks/FIs via cash or Security Receipts; (2) Security Receipts (SRs) — trust-issued instruments for investors participating in asset acquisition; (3) Resolution Services — restructuring, settlement, enforcement, and operational turnaround of acquired distressed accounts; (4) Auction Services — digital marketplace for secured asset disposal under SARFAESI; and (5) SASF Publication — transparency and reporting on stressed assets. The company focuses on MSMEs and operates nationally from Mumbai with presence in Delhi, Chennai, Kolkata, and Tirupur.

Differentiator

Problem solved

Functional benefit

Products and services

  • Asset Acquisition Services Acquisition of sub-standard, doubtful, loss, and potentially distressed financial assets from banks and financial institutions, either on a cash basis or via Security Receipts (SRs), governed by a board-approved acquisition policy covering preliminary review, legal due diligence, valuations, and execution of legal documents.
  • Security Receipts (SRs) Trust-issued asset-backed security receipts offered to investors (selling banks, QIBs, and Omkara ARC itself) when acquiring financial assets on a non-cash basis, allowing Omkara to fund acquisitions through trustee-managed trusts while investors share in the recovery upside.
  • Resolution Services Comprehensive distressed asset resolution services including restructuring/rescheduling of debts, additional finance for revival, settlement of dues, enforcement of security interest under SARFAESI Act, change in management, and sale/lease of business assets, governed by a board-approved resolution policy.
  • Auction Services Property auction platform for sale of secured assets possessed under the SARFAESI Act, featuring residential, commercial, and industrial properties across multiple Indian states including Maharashtra, Telangana, Haryana, Tamil Nadu, Madhya Pradesh, and Uttarakhand.

Quantifiable outcome

  • Acquisition of ₹1,200 crore stressed debt of GTL Infrastructure from Edelweiss ARC with target exit within 2 years
  • +1 more outcomes

Companies that use Omkara Assets Reconstruction

Customer profile

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Omkara Assets Reconstruction technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Feature3 records

Omkara Assets Reconstruction partnerships and signals

Strategic signal

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Omkara Assets Reconstruction competitors and assessment

Company assessment

Market position

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Omkara Assets Reconstruction financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Omkara Assets Reconstruction leadership team

Management profile

Number of profiles

Profiles5 records

Omkara Assets Reconstruction funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Omkara Assets Reconstruction M&A and investment

M&A and investment

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Omkara Assets Reconstruction

What does Omkara Assets Reconstruction do?

Omkara Assets Reconstruction is an RBI-licensed Asset Reconstruction Company (ARC) that acquires non-performing assets (NPAs) and stressed financial assets from banks and financial institutions at a discount to face value, either on a cash basis or through issuance of Security Receipts (SRs). The company then resolves these distressed accounts through restructuring, rescheduling, additional finance, settlement, change in management, enforcement of security interest under the SARFAESI Act, or sale/lease of business assets, with a stated focus on MSME borrowers across all sectors throughout India.

Is Omkara Assets Reconstruction a public or private company?

Omkara Assets Reconstruction is a private company. It is classified as founder individual operated bootstrapped and is currently operating.

When was Omkara Assets Reconstruction founded?

Omkara Assets Reconstruction was founded in 2014. It employs 11 to 50 people.

Where is Omkara Assets Reconstruction based?

Omkara Assets Reconstruction is headquartered in Mumbai, India, in the Asia region.

How does Omkara Assets Reconstruction make money?

Three revenue lines are on record. Distressed Asset Acquisition and Resolution is the primary driver. The others are recovery and Enforcement Services and secondary Market Debt Trading.

Does Omkara Assets Reconstruction have an API?

No public API is recorded for Omkara Assets Reconstruction.

What industry is Omkara Assets Reconstruction in?

Omkara Assets Reconstruction's product category is Asset Reconstruction Services. Its primary akta.pro industry code is FSACACAA, Asset-Backed Securities (ABS). Its NAICS code is 525 and its SIC code is 6189.

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Live signals
Bar and BenchLaw should never be a puzzle, must be drafted in simplest way possible: Karnataka High CourtThe Karnataka High Court recently emphasized that laws should be drafted in the simplest possible way and advocated for reviving the practice of adding illustrations to legal provisions to better explain their meaning to readers. The Court made these observations while ruling on a dispute between Omkara Assets Reconstruction Pvt. Ltd. and the Commercial Tax Department of Andhra Pradesh regarding priority claims over assets of the defunct BPL Engineering Limited, ultimately deciding in favor of the CTD and holding that Section 26E of the SARFAESI Act operates prospectively. The Court also urged the legislature to clearly indicate whether legal amendments are prospective, retrospective, or retroactive.The HinduTime to reintroduce illustrations in laws for clear understanding, less litigation: Karnataka HCThe Karnataka High Court has urged lawmakers to reintroduce illustrations in legislation to improve comprehension and reduce litigation disputes over legal interpretation. While delivering a judgment in a priority dispute between Omkara Assets Reconstruction Private Limited and the Commercial Tax Department of Telangana over recovery of dues from BPL Engineering Limited, the court ruled in favor of the tax department, holding that statutory first charge takes precedence over secured creditors' claims. The court also recommended that legislative amendments explicitly indicate whether they are prospective, retrospective, or retroactive to minimize interpretational disputes among courts.The Times of IndiaOmkara, Oaktree pay Rs 1,200 crore to buy GTL debt from Edelweiss - The Economic TimesOmkara Asset Reconstruction Company and Oaktree Capital Management have acquired GTL Infrastructure's stressed debt from Edelweiss Asset Reconstruction Company in an all-cash deal valued at approximately ₹1,200 crore, which closed in March. The transaction represents a secondary market debt transfer between asset reconstruction platforms, with the exposure dating back to 2018 when Edelweiss ARC had acquired nearly 90% of GTL Infra's loans. Omkara is targeting an exit within two years through asset sales or negotiated settlement, with investors anticipating improved recovery prospects given that the telecom tower company's towers are now operational.KNN IndiaInoperative Scheme of Arrangement Cannot Stall Insolvency Under IBC: SCThe Supreme Court of India ruled on Tuesday that insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) cannot be kept in abeyance due to a Scheme of Arrangement that has become redundant due to non-compliance with statutory timelines and requirements. The case involved Omkara Assets Reconstruction Pvt. Ltd. seeking initiation of the Corporate Insolvency Resolution Process (CIRP) to recover over Rs 154 crore in loans, with the Court holding the scheme 'redundant and inoperative' and restoring the NCLT's admission order. This judgment reinforces the time-bound and creditor-centric nature of the IBC, signalling that non-compliant restructuring schemes cannot be used to delay insolvency proceedings.The Times of Indiasundaram: 'Never been more embarrassed': Lawyer cites fake cases in AI-aided response to SC - The Economic TimesSenior advocate CA Sundaram, representing Deepak Raheja (promoter of Gstaad Hotels, Bengaluru), filed an AI-aided response to the Supreme Court containing hundreds of fabricated case citations that did not exist in any judicial record. Opposing counsel Neeraj Kishan Kaul, representing Omkara Asset Reconstruction, flagged the fake cases before Justices Dipankar Datta and AG Masih. Sundaram admitted to being "never been more embarrassed," tendered an apology through an affidavit, and the Supreme Court demanded an explanation while deciding to hear the case on its merits.The Times of IndiaAI fraud in court? Supreme Court detects hundreds of fabricated judgements in high-profile corporate battle - The Economic TimesIndia's Supreme Court has discovered that a litigant used AI tools to fabricate hundreds of non-existent case laws in court filings during a high-stakes corporate dispute between Omkara Assets Reconstruction Private Limited and Gstaad Hotels Private Limited. Senior advocate Neeraj Kishan Kaul exposed that the rejoinder contained fabricated judicial precedents with some real case names but completely fictitious legal principles attributed to them. The court acknowledged the issue as a deliberate act of deception requiring accountability, while choosing to continue hearing the underlying corporate matter on its merits.The Times of IndiaFake cases, twisted verdicts as petitioner files 'AI reply'The Supreme Court of India detected its first case of AI misuse in judicial proceedings, where a litigant submitted a court response containing hundreds of fabricated legal precedents generated by AI tools. Senior advocates appearing before a bench of Justices Dipankar Datta and A G Masih raised grave concerns about AI-generated false case laws potentially impacting judicial decisions and the difficulty for judges to detect such falsehoods. The Supreme Court acknowledged the error but proceeded to hear the underlying case between Omkara Assets Reconstruction Private Limited and Gstaad Hotels Private Limited on its merits.BW Legal WorldSC To Examine Alleged Use Of AI-Generated Case Laws In Gstaad Hotels Insolvency AppealThe Supreme Court of India on Thursday examined an appeal filed by Deepak Raheja, promoter of Gstaad Hotels Bengaluru, after Senior Advocate Neeraj Kishan Kaul alleged that a rejoinder submission contained over 100 case laws that did not exist or were not traceable in any legal database. The counsel representing Omkara Assets Reconstruction Pvt Ltd told the Bench that several criminal law rulings were improperly cited as IBC judgments, and the same judgment was used for multiple unrelated propositions. A Bench of Justice Dipankar Datta and Justice Augustine George Masih expressed deep concern and indicated the appellant would be held accountable if the citations are confirmed as fictitious or AI-generated, with the matter listed for further hearing on December 8.MintGstaad Hotels insolvency: Former director moves Supreme Court against appellate tribunal order | Company Business NewsA former director of Gstaad Hotels Pvt. Ltd has petitioned the Supreme Court challenging insolvency proceedings against the hospitality company, alleging inflated claims of ₹666 crore and procedural errors by the NCLT and NCLAT. The National Company Law Tribunal had initiated CIRP in July after Omkara Asset Reconstruction moved the bankruptcy court over dues, and NCLAT upheld that decision in August. The petition claims the appellate tribunal violated legal principles by re-examining already-decided matters.The Times of IndiaNCLT orders insolvency process against Gstaad Hotels over Rs 666 crore default - The Economic TimesThe Mumbai bench of NCLT has ordered corporate insolvency resolution process against Gstaad Hotels Pvt Ltd following a Rs 665.74 crore default to financial creditor Omkara Asset Reconstruction Pvt Ltd. The debt, originally extended by Piramal Capital and Housing Finance Ltd in December 2017, was assigned to Omkara in December 2022, and the tribunal dismissed Gstaad's objections regarding debt assignment and interest calculations. With this ruling, a moratorium under section 14 of the Insolvency and Bankruptcy Code has come into force, halting enforcement actions against the company, and Jayesh Natvarlal Sanghrajka has been appointed as interim resolution professional.