Insolvency appellate tribunal NCLAT will hear an appeal filed against an NCLT order approving a Rs. 919 crore bid by Oberoi Realty-led consortium for Hotel Horizon.
A two-member bench Delhi-based Principal bench of NCLAT has admitted the appeal and directed not to create an equity in favour of 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 of 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 was challenged by the former promoters/suspended board before the National Company Law Appellate Tribunal (NCLAT).
Passing an interim order, NCLAT said "this appeal also needs to be heard along with other appeals," which are listed on February 25, 2026. The bench which comprised Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra, directed it list along with those 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," said NCLAT in its order passed on February 2, 2026.
In its petition, the promoters have submitted that the resolution plan was approved in favour of the consortium led by Oberoi Realty on the basis of "inflated and legally unsustainable financial claims".
There are several appeals pending before NCLAT in this matter. The promoters also challenged the actions of the Resolution Professional for not acknowledging the NCLT order dated 17th July 2025 that reduced the loan amount from Rs. 1,612 crore to roughly Rs. 643 crore.
