Oberoi Realty Limited, in collaboration with Shree Naman Developers Private Limited and JM Financial Properties and Holdings Limited, has received an extension for the payment of Rs 919.25 crore in the acquisition of Hotel Horizon Private Limited. The National Company Law Tribunal (NCLT) in Mumbai approved a resolution plan submitted by the consortium, which includes a 100% equity subscription of Rs 1 crore for Hotel Horizon.
The resolution plan was initially approved by the NCLT, requiring the consortium to make the payment within 45 days from the approval date. However, due to the unlawful withholding of assets by the former promoters of Hotel Horizon, the consortium faced challenges in taking physical possession of the assets, including properties located at Juhu, Mumbai.
In response to these challenges, the consortium filed an application with the NCLT seeking an extension for the implementation of the resolution plan. The NCLT, recognising the difficulties faced by the consortium, granted an extension of up to May 7, 2026, for the payment of the resolution money. This extension allows the consortium additional time to settle outstanding claims against Hotel Horizon and manage the business operations effectively.
A Monitoring Committee, consisting of representatives from the consortium, the Committee of Creditors, and the Resolution Professional, is overseeing the implementation of the resolution plan. The committee is responsible for supervising, controlling, and managing all business operations of Hotel Horizon until the transfer date.
This development marks a significant step in the ongoing corporate insolvency resolution process of Hotel Horizon, as the consortium works towards fulfilling its financial obligations and assuming control of the assets.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).