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…