NCLAT to hear appeal against Oberoi Realty-led consortium's Rs 919 crore bid for Hotel Horizon

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) will hear an appeal challenging a National Company Law Tribunal (NCLT) order that approved a Rs 919 crore resolution plan submitted by a consortium led by Oberoi Realty for Hotel Horizon. A two-member, Delhi-based Principal Bench of NCLAT has admitted the appeal and directed that no equity be created in favour of the successful resolution applicants, according to news agency PTI. Earlier, on January 29, the Mumbai Bench of the National Company Law Tribunal 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 measuring around 7,500 square metres in Juhu, Mumbai. The property has a direct sea-facing view, making it a significant asset for future development. The NCLT order was challenged before the appellate tribunal by the former promoters and the suspended board of the company. Passing an interim order, NCLAT observed, "this appeal also needs to be heard along with other appeals," which are listed on February 25, 2026.

The Bench, comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra, directed that the matter be listed along with the other pending appeals on February 25, 2026. "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 favour of the respondent by any distribution of the amount or any steps taken thereunder," NCLAT said in its order dated February 2, 2026. In their petition, the promoters submitted that the resolution plan was approved in favour of the Oberoi Realty-led consortium on the basis of "inflated and legally unsustainable financial claims". Several appeals in connection with the matter are currently pending before NCLAT. The promoters have also challenged the actions of the Resolution Professional, alleging that the NCLT order dated July 17, 2025 — which reduced the loan amount from Rs 1,612 crore to approximately Rs 643 crore — was not duly acknowledged.