Mumbai: The National Company Law Appellate Tribunal (NCLAT) has admitted an appeal against the approval of a Rs 919 crore bid for Hotel Horizon.
The appeal challenges an earlier order passed by the National Company Law Tribunal (NCLT), which had approved the resolution plan submitted by a consortium led by Oberoi Realty.
The matter will now be heard on February 25, 2026, along with other connected appeals.
What Was Approved Earlier?
On January 29, the Mumbai bench of NCLT approved the ₹919 crore resolution plan submitted by the Oberoi Realty-led consortium, which also includes Shree Aman Developers and JM Financial Properties and Holdings.
Hotel Horizon owns a prime 7,500 square meter sea-facing land parcel in Juhu, Mumbai, making it a highly valuable property for redevelopment.
Promoters Move NCLAT
The former promoters and suspended board challenged the NCLT decision.
They alleged that the resolution plan was approved based on inflated and legally unsustainable financial claims. They also said the Resolution Professional ignored an earlier NCLT order dated July 17, 2025, which reduced the loan amount from Rs 1,612 crore to about Rs 643 crore.
Interim Relief Granted
NCLAT has directed that any action taken under the approved plan will remain subject to the final outcome of the appeal.
It has also ordered that no equity should be created in favour of the successful resolution applicants until the case is decided.
