Oberoi Realty Receives NCLT Extension for Hotel Horizon Acquisition
Oberoi Realty Ltd. has received an extension from the National Company Law Tribunal (NCLT) for the payment of resolution money related to the acquisition of Hotel Horizon Private Limited (HHPL) under the Insolvency and Bankruptcy Code, 2016.The acquisition is being carried out through a consortium including Shree Naman Developers Private Limited and JM Financial Properties and Holdings Limited. The NCLT initially approved the resolution plan on January 29, 2026, which stipulated payment of Rs. 919.25 Crore to creditors, including an equity subscription of Rs. 1 Crore for 100% ownership of HHPL. The payment was initially due within 45 days of the NCLT approval date.
The extension, granted on March 16, 2026, allows for payment of the Resolution Money until May 7, 2026. This extension follows challenges in obtaining physical possession of HHPL's assets, including immovable properties located in Juhu, Mumbai, due to the erstwhile promoters.
A monitoring committee, composed of representatives from the Consortium, the Committee of Creditors, and the Resolution Professional, has been overseeing the implementation of the resolution plan and managing HHPL's operations. Despite efforts by the committee, physical possession of the assets remains unlawfully withheld.
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