Oberoi Realty, in consortium with Shree Naman Developers and JM Financial Properties and Holdings, has emerged as the successful resolution applicant for Hotel Horizon (HHPL), currently undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), 2016.
The committee of creditors (CoC) has issued a Letter of Intent (LoI), confirming its approval of the consortium's resolution plan. Under the plan, the consortium will make a payment of Rs919 crore to HHPL’s creditors as full and final settlement of all dues, including expenses incurred during the Corporate Insolvency Resolution Process (CIRP).
HHPL, incorporated in 2004, owns a sea-facing land parcel measuring 7,502.49 square meters on Juhu Tara Road in Mumbai. The site is slated for redevelopment into a retail-cum-hotel project.
Following the approval of the resolution plan, the consortium or a specially formed Special Purpose Vehicle (SPV) will acquire 100% equity stake in HHPL. Financial records show HHPL reported a turnover of Rs20.46 crore and a net worth of Rs78.51 crore in FY2014–15.
