NCLT Approves ₹919-Crore Oberoi Realty-Led Plan To Revive Hotel Horizon
Kirit Singhania
30 Jan 2026 12:21 PM IST
The National Company Law Tribunal (NCLT) at Mumbai has approved a Rs 919-crore resolution plan submitted by a consortium comprising Oberoi Realty Ltd, Shree Aman Developers Pvt Ltd and JM Financial Properties and Holdings Ltd for the revival of debt-laden Hotel Horizon Pvt Ltd.
A bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar noted that the resolution plan complied with all mandatory provisions of the Insolvency and Bankruptcy Code and applicable regulations.
“Accordingly, this Tribunal is satisfied that the Resolution Plan is compliant with the provisions of the Code and the CIRP Regulations, is fair and equitable to all stakeholders, and meets the objective of maximisation of value and revival of the Corporate Debtor as a going concern. The Plan therefore merits approval under Section 31 of the Insolvency and Bankruptcy Code, 2016.”, the tribunal observed.
Hotel Horizon which owns a non operational hotel property at Juhu Beach, was admitted into CIRP on November 19, 2024. Following admission, a public announcement inviting claims was issued in November 2024, and the Committee of Creditors (CoC) was constituted on December 4, 2024. The principal secured lenders were CFM Asset Reconstruction Pvt Ltd and JM Financial Asset Reconstruction Company, which together held 100 per cent voting share.
During the CIRP, expressions of interest were invited in December 2024 with 45 prospective resolution applicants initially submitting interest.
After evaluation of multiple resolution plans and a challenge process conducted in June 2025, the consortium comprising Oberoi Realty, Shree Naman Developers, and JM Financial Properties and Holdings emerged as the successful resolution applicant with a bid of Rs. 919 crores. The plan was unanimously approved by the CoC in July 2025 with a 100% voting share.
Several aspects of the plan, including valuation and treatment of stakeholders, were examined. The tribunal took into record all the objections and reiterated that it cannot re-evaluate valuation or substitute its own view once the CoC has taken a commercial decision in accordance with law.
The tribunal accordingly approved the resolution plan and directed the resolution professional to hand over control, records, and assets of the debtor to the successful resolution applicants to ensure time bound implementation of the revival process.
For CoC: Advocates Rohit Gupta, Saloni Kalwade
For Resolution Applicant: Advocates A. Ramaiah, Sagar Bansal, Pradeep Sancheti, Sagar Bansal, Ashwij
For Resolution Professional: Senior Advocate Gaurav Joshi with Advocates Rishabh Jaisani, Kriti Kalyan, Ansh Kumar i/b Shardul Amarchand Mangaldas