Oberoi Realty Secures NCLT Extension for Hotel Horizon Acquisition Until May 7, 2026

Oberoi Realty Limited has received a crucial extension from the National Company Law Tribunal (NCLT) for its acquisition of Hotel Horizon Private Limited under the Insolvency and Bankruptcy Code. The tribunal has granted an extension until May 7, 2026, for the payment of resolution money, acknowledging the challenges faced in implementing the approved resolution plan.

The NCLT Mumbai had previously approved the resolution plan submitted by a consortium comprising Oberoi Realty Limited, Shree Naman Developers Private Limited, and JM Financial Properties and Holdings Limited on January 29, 2026. The resolution plan involves significant financial commitments and operational restructuring.

The total payment amount for the acquisition is Rs. 919.25 crore, with an equity subscription of Rs. 1 crore for 100% ownership. The original payment timeline was 45 days from NCLT approval. Despite the approval, the consortium has faced significant obstacles in implementing the resolution plan. The primary challenge stems from the erstwhile promoters of Hotel Horizon Private Limited unlawfully withholding physical possession of the company's assets.

The monitoring committee, comprising two representatives each from the consortium and the Committee of Creditors, along with the Resolution Professional, has been supervising the implementation process. However, their efforts to take physical possession of HHPL's assets, including immovable properties situated at Juhu, Mumbai, have been unsuccessful due to the illegal actions of former promoters.

Recognizing the exceptional circumstances preventing the consortium from meeting the original payment deadline, the NCLT passed an order dated March 16, 2026, granting the requested extension. The order was uploaded on the NCLT website on March 19, 2026. The extension period is 45 days from one week after March 16, 2026, with the final deadline set for May 7, 2026.

The tribunal's decision reflects its understanding of the genuine difficulties faced by the consortium in taking control of the assets despite numerous NCLT directions and appropriate steps taken by the monitoring committee.

Until the transfer date, the monitoring committee continues to supervise, control, and manage all business and operations of Hotel Horizon Private Limited. The committee's role remains crucial in ensuring the proper implementation of the resolution plan and protecting the interests of all stakeholders involved in the Corporate Insolvency Resolution Process.

The extension provides the consortium with additional time to resolve the possession issues and complete the acquisition process as envisioned in the approved resolution plan.

Oberoi Realty Limited, a leading real estate developer in India, has a strong track record of successful projects and a commitment to excellence. This extension is a testament to the company's dedication to overcoming challenges and ensuring the successful completion of the Hotel Horizon acquisition.