New Delhi, February 14 The National Company Law Tribunal Appellate Tribunal (NCLAT) will hear an appeal filed against an order by the National Company Law Tribunal (NCLT) approving a Rs 919 crore bid by an Oberoi Realty-led consortium for Hotel Horizon.
A two-member bench of the Delhi-based principal bench of NCLAT has admitted the appeal and directed that no equity be created in favor of the 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 approximately 7,500 square meters in Juhu, Mumbai, with a direct sea 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).
In an interim order, NCLAT said, "This appeal also needs to be heard along with other appeals, which are listed for February 25, 2026." The bench, comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra, directed that it be listed along with those appeals on February 25, 2026.
"In the meantime, actions taken in pursuance of the impugned order shall be subject to the outcome of the appeal, and no equity shall be created in favor 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 favor 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 have also challenged the actions of the Resolution Professional for not acknowledging the NCLT order dated July 17, 2025, which reduced the loan amount from Rs 1,612 crore to approximately Rs 643 crore.