NEW DELHI: The Insolvency Appellate Tribunal (NCLAT) will review an appeal against an NCLT decision that sanctioned a ₹919 crore bid from an Oberoi Realty-led consortium for Hotel Horizon.
A two-member bench of the NCLAT, based in Delhi, has accepted the appeal and ordered that no equity should be granted to the successful resolution applicants.
Previously, on January 29, the Mumbai bench of the National Company Law Tribunal (NCLT) approved the resolution plan submitted by a consortium consisting of Oberoi Realty, Shree Aman Developers, and JM Financial Properties and Holdings.
Hotel Horizon features a strategically positioned land parcel of approximately 7,500 square meters in Juhu, Mumbai, with a direct sea view, enhancing its potential for future development.
This decision was contested by the former promoters and suspended board before the NCLAT.
In its interim order, the NCLAT noted, “this appeal needs to be heard alongside other appeals,” scheduled for February 25, 2026. The bench, which included Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra, ordered the case to be listed with the other appeals on that date.
“In the interim, any actions taken pursuant to the challenged order will be contingent on the appeal’s outcome, and no equity will be established in favor of the respondent through any distribution of funds or associated actions,” stated the NCLAT in its order dated February 2, 2026.
In their petition, the promoters argued that the resolution plan’s approval in favor of the Oberoi Realty consortium was based on “inflated and legally unsustainable financial claims.”
Several appeals regarding this issue remain pending before the NCLAT. The promoters have also questioned the actions of the Resolution Professional for neglecting the NCLT order dated July 17, 2025, which reduced the loan from ₹1,612 crore to approximately ₹643 crore.
