NCLAT to Hear Appeal Against Oberoi Realty-Led Consortium's ₹919 Crore Bid for Hotel Horizon

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) will hear an appeal filed against an NCLT order approving a ₹919 crore bid by an Oberoi Realty-led consortium for Hotel Horizon. A two-member bench of the Delhi-based Principal Bench of NCLAT has admitted the appeal and directed that no equity be created in favor of the successful resolution applicants.

Earlier, on January 29, the Mumbai bench of the National Company Law Tribunal (NCLT) approved the resolution plan filed by a consortium comprising Oberoi Realty, Shree Aman Developers, and JM Financial Properties and Holdings. Hotel Horizon owns a strategically located land parcel of about 7,500 square meters in Juhu, Mumbai, with a direct sea-facing view, making the asset significant for future development opportunities.

This decision was challenged by the former promoters and the suspended board before the National Company Law Appellate Tribunal (NCLAT). Passing an interim order, NCLAT stated that the appeal needs to be heard along with other pending appeals, which are scheduled for February 25, 2026. The bench, comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra, directed that the appeal be listed along with the other cases on that date.

NCLAT's order, passed on February 2, 2026, stated, '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 favor of the respondent by any distribution of the amount or any steps taken thereunder.'

In their petition, the promoters submitted that the resolution plan was approved in favor of the consortium led by Oberoi Realty based on 'inflated and legally unsustainable financial claims.' There are several other appeals pending before NCLAT in this matter. The promoters also challenged the actions of the Resolution Professional for not acknowledging the NCLT order dated July 17, 2025, which reduced the loan amount from ₹1,612 crore to approximately ₹643 crore.

The appeal and the interim order by NCLAT highlight the complex legal battles often associated with insolvency and resolution processes in the real estate sector, particularly for high-value assets like Hotel Horizon. The final outcome of the appeal will have significant implications for the future of the property and the stakeholders involved.