NCLAT to Review Appeal Against Oberoi Realty Consortium's Rs 919 Crore Bid for Hotel Horizon

The National Company Law Appellate Tribunal (NCLAT) is set to review an appeal against a National Company Law Tribunal (NCLT) decision. This decision approved a Rs 919 crore bid by a consortium led by Oberoi Realty for Hotel Horizon. The Delhi-based Principal bench of NCLAT has accepted the appeal and instructed that no equity should be created in favour of the successful bidders.

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Hotel Horizon, located in Juhu, Mumbai, owns a prime land parcel of approximately 7,500 square meters with a sea-facing view. This makes it valuable for future development. The former promoters and suspended board members have contested the NCLT's approval before the NCLAT. They argue that the resolution plan was based on inflated financial claims.

Resolution Plan Dispute

The Mumbai bench of NCLT had previously approved the resolution plan on January 29. This plan was submitted by a consortium comprising Oberoi Realty, Shree Aman Developers, and JM Financial Properties and Holdings. The promoters have also raised concerns about the actions of the Resolution Professional, who allegedly ignored an earlier NCLT order from July 17, 2025. This order had reduced the loan amount from Rs 1,612 crore to approximately Rs 643 crore.

NCLAT's interim order states that this appeal will be heard alongside other related appeals scheduled for February 25, 2026. The bench, including Chairperson Justice Ashok Bhushan and Member Technical Barun Mitra, has directed that these appeals be listed together on that date.

Pending Appeals and Interim Orders

In its February 2, 2026 order, NCLAT specified that any actions taken under the contested order would depend on the appeal's outcome. It further stated that no equity should be created in favour of the respondent through any distribution of funds or steps taken under this order.

Several appeals are currently pending before NCLAT concerning this matter. The promoters' petition claims that the resolution plan favoured Oberoi Realty's consortium due to inflated and legally unsustainable financial claims.

The case highlights ongoing legal challenges surrounding significant real estate transactions in India. As these appeals progress, they will determine the future course of action regarding Hotel Horizon's ownership and development prospects.

With inputs from PTI