 "Oberoi Realty-led group to pay Rs 919 cr to acquire bankrupt hotel firm")
A consortium led by Mumbai-based real estate developer Oberoi Realty will pay Rs 919 crore to the lenders to acquire bankrupt hospitality firm Hotel Horizon Private Limited (HHPL).
The resolution plan submitted by the consortium of Oberoi Realty, Shree Naman Developers and JM Financial Properties & Holdings in the corporate insolvency resolution process (CIRP) of HHPL was approved by the committee of creditors (CoC) on July 14 following which a letter of intent was issued in favour of the consortium, Oberoi Realty noted.
The resolution plan provides for payment of an amount of Rs 919 crore and any additional amounts that may become payable to comply with applicable laws to various creditors in full and final settlement of their outstanding claim against HHPL (including the unpaid CIRP costs).
HHPL holds land measuring 7,500 square meters, overlooking the Arabian Sea and situated at Juhu, a premium residential micro market in Mumbai known for its high-end real estate.
The average property prices in Juhu during the first quarter of the 2025 calendar year (Q1 CY25) stood at Rs 71,597 per square foot against Rs 71,106 per square foot in Q1 CY24, according to Square Yards Data Intelligence, a real estate data analytics firm.
The resolution plan will be implemented through either the consortium or a special purpose vehicle (SPV) to be incorporated by the consortium in accordance with the terms of the LoI and the order of the National Company Law Tribunal (NCLT), Mumbai Bench.
Additionally, HHPL is a Mumbai-registered company incorporated in December 1968, operating camping sites and other provisions of short-stay accommodation. Its authorised share capital was Rs 20 crore, and its paid-up capital was Rs 7 crore.