Oberoi Realty Secures NCLT Extension for ₹919 Crore Hotel Horizon Payment
Oberoi Realty, a prominent real estate firm, along with Shree Naman Developers and JM Financial Properties, has been granted an extension by the National Company Law Tribunal (NCLT) in Mumbai to pay ₹919.25 crore for the acquisition of Hotel Horizon Private Ltd (HHPL). The extension, which now sets the payment deadline for May 7, 2026, was necessitated by the former promoters' unlawful withholding of physical possession of Hotel Horizon Private's assets, including immovable properties in Juhu, Mumbai.
The resolution plan, approved by the NCLT in January 2026, includes ₹1 crore for 100% equity ownership of HHPL and the full settlement of all creditor claims, including unpaid Corporate Insolvency Resolution Process (CIRP) costs. The consortium has also committed to covering any additional amounts required under applicable laws.
Despite multiple directives from the NCLT, the former promoters of Hotel Horizon Private Ltd have continued to withhold physical possession of the company's assets. This unlawful action has significantly hampered the consortium's ability to complete the resolution payment on time. As a result, the consortium requested additional time to fulfill the payment obligations, which the NCLT approved on March 16, 2026, granting an additional 45 days from one week after the order.
A monitoring committee, consisting of two representatives each from the consortium and the Committee of Creditors, along with the resolution professional, has been established to oversee the implementation of the resolution plan and manage HHPL’s operations until the transfer date. This committee ensures transparency and accountability throughout the process.
Shares of Oberoi Realty Ltd closed at ₹1,446.85 on the BSE on March 20, 2026, marking a slight increase of ₹1.60, or 0.11%, from the previous day. The market's positive response reflects confidence in the company's ability to navigate the challenges posed by the ongoing legal and operational issues.
Oberoi Realty, known for its high-quality real estate projects and strategic acquisitions, continues to demonstrate its commitment to resolving the Hotel Horizon Private Ltd case in a transparent and timely manner. The company's recent developments, including the acquisition of MHADA land in Mumbai for a 17.18 lakh sq ft free-sale area, underscore its strategic focus on expanding its portfolio and enhancing shareholder value.
Despite the delays, the consortium remains committed to the successful resolution of the Hotel Horizon Private Ltd case, ensuring that all stakeholders' interests are protected and that the company's operations can proceed without further disruptions.
