NCLAT to Hear Appeal Against Oberoi-Led Consortium's Hotel Horizon Takeover
The National Company Law Appellate Tribunal (NCLAT) has admitted an appeal challenging a National Company Law Tribunal (NCLT) order that approved a Rs 919 crore resolution plan submitted by a consortium led by Oberoi Realty for Hotel Horizon. This development puts a temporary hold on the high-profile takeover of the prime Mumbai property.
NCLAT Issues Interim Order Protecting Status Quo
A two-member Principal Bench of NCLAT, based in Delhi and comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra, has directed that no equity be created in favor of the successful resolution applicants. The appellate tribunal observed that this appeal needs to be heard along with other pending appeals related to the matter.
The NCLAT specifically ordered: "In the meantime, actions taken in pursuance of the impugned order shall be subject to the result of the appeal and no equity shall be created in favour of the respondent by any distribution of the amount or any steps taken thereunder." This interim order was passed on February 2, 2026.
Background of the Hotel Horizon Resolution Plan
Earlier, on January 29, the Mumbai Bench of the National Company Law Tribunal had approved the resolution plan filed by a consortium comprising:
- Oberoi Realty
- Shree Aman Developers
- JM Financial Properties and Holdings
Hotel Horizon owns a strategically located land parcel measuring approximately 7,500 square meters in the prestigious Juhu area of Mumbai. The property boasts a direct sea-facing view, making it an exceptionally valuable asset for future development in one of India's most exclusive neighborhoods.
Legal Challenges from Former Promoters
The NCLT order was challenged before the appellate tribunal by the former promoters and the suspended board of Hotel Horizon. In their petition, the promoters submitted that the resolution plan was approved in favor of the Oberoi Realty-led consortium based on what they described as "inflated and legally unsustainable financial claims."
The promoters have also challenged the actions of the Resolution Professional, alleging that an earlier NCLT order dated July 17, 2025—which reduced the loan amount from Rs 1,612 crore to approximately Rs 643 crore—was not duly acknowledged in the resolution process.
Multiple Appeals Pending Before NCLAT
Several appeals in connection with the Hotel Horizon matter are currently pending before NCLAT. The appellate tribunal has directed that this particular appeal be listed along with other pending appeals on February 25, 2026, indicating the complexity and significance of this corporate insolvency resolution case.
The legal proceedings highlight the ongoing tensions in India's corporate insolvency resolution process, particularly concerning high-value real estate assets in prime locations. The outcome of these appeals could have significant implications for future resolution plans involving valuable properties and competing claims from different stakeholders.
