Tag: Hotel Horizon

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NCLT Excludes Phoenix ARC from Hotel Horizon Creditors’ Committee

The National Company Law Tribunal (NCLT) has partially accepted the request made by the suspended promoters of Hotel Horizon, ruling that the claim from asset reconstruction firm Phoenix ARC is invalid due to being barred by the statute of limitations. Hotel Horizon’s primary asset is a valuable 1.85-acre plot located in Juhu, Mumbai, with a view of the Arabian Sea. Last month, a consortium comprising Oberoi Realty, Shree Naman Developers, and JM Financial Properties received the committee of creditors’ (CoC) approval to acquire the company through the corporate insolvency resolution process (CIRP). The CoC has approved a resolution plan that…

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Oberoi Realty Consortium Secures Hotel Horizon for ₹919 Crore

NEW DELHI: Oberoi Realty, in collaboration with Shree Naman Developers and JM Financial Properties and Holdings, has been chosen as the successful bidder for Hotel Horizon (HHPL), a company currently undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), 2016. The committee of creditors (CoC) has issued a letter of intent (LoI) approving the consortium’s resolution plan. According to the plan, the consortium will make a payment of ₹919 crore to HHPL’s creditors as a full and final settlement, including the costs associated with the Corporate Insolvency Resolution Process (CIRP). Founded in 2004, HHPL owns a sea-facing land parcel…