Acquisition of Hotel Horizon Private Limited under the Insolvency and Bankruptcy Code, 2016 - Update
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Oberoi Realty, along with consortium partners Shree Naman Developers and JM Financial Properties and Holdings, had received NCLT approval in January 2026 to acquire Hotel Horizon Private Limited (HHPL) through the insolvency process. The consortium was required to pay Rs. 919.25 Crore (including Rs. 1 Crore equity subscription for 100% ownership of HHPL) within 45 days to settle all creditors' claims. However, the erstwhile promoters of HHPL have unlawfully withheld physical possession of HHPL's assets, including prime immovable properties at Juhu, Mumbai. Due to these difficulties in taking possession, the consortium sought an extension from NCLT, which has now granted up to May 7, 2026 for the payment of the Resolution Money. A Monitoring Committee continues to oversee HHPL's business and operations until the transfer is completed.
This is a procedural update and not a cancellation. Shareholders should note that the acquisition is delayed but still on track, with the possession dispute potentially complicating the smooth transfer of HHPL's Juhu assets. Any further delay beyond May 2026 or legal escalation could affect timelines for value realization, but the eventual acquisition adds a hospitality/real estate asset to Oberoi Realty's portfolio.