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The National Company Law Tribunal has sanctioned Hotel Horizon’s acquisition by a consortium consisting of Oberoi Realty, Shree Naman Developers, and JM Financial Properties and Holdings.
The company has acknowledged liabilities amounting to ₹1,293 crore, while the successful bidder’s proposal entails a payment of ₹919 crore, leading to approximately 74% recovery for creditors of the financially strained firm. Prior to the tribunal’s sanction, the resolution plan had received unanimous approval from the company’s secured creditors.
Hotel Horizon’s main asset is a coveted 1.85-acre land parcel located in Mumbai’s upscale Juhu area, with views over the Arabian Sea.
The Mumbai bench of the NCLT confirmed in its order dated January 29 that the revival plan is mandatory for the corporate debtor (company) along with its employees, members, creditors—including the central and state governments or local authorities owed dues under applicable laws—guarantors, and other stakeholders involved in the resolution process.
Sagar Sharma, the former director of Hotel Horizon Pvt Ltd, has appealed the NCLT’s ruling at the National Company Law Appellate Tribunal (NCLAT).
The appellate tribunal stated in its February 5 order that actions taken by lenders or successful bidders will depend on its final decision and that no equity shall be granted to the respondents (successful bidders) from any fund distributions. The NCLAT has scheduled further hearings for February 25.
Representatives for the suspended directors of Hotel Horizon included Vaibhav Gaggar Sr. Advocate, Sahil Monga, Akash Agarwal, Simran Shadija, and Arjun Tyagi.
The consortium retains the option to execute the acquisition directly or through a special purpose vehicle (SPV) established for this objective.
As reported in regulatory filings, HHPL was established in 2004 and focuses on the development of a retail and hospitality project in Juhu. The firm’s latest financial records from 2014-15 note a revenue of ₹0.46 crore and a net worth of ₹78.5 crore.
Hotel Horizon Private Limited was placed into insolvency under the IBC framework, with mounting debts necessitating a distressed sale.
The plan encompasses steps for obtaining necessary approvals from relevant authorities and outlines the framework for achieving full control and 100% shareholding in HHPL upon finalization.
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