A consortium spearheaded by Mumbai-based real estate developer Oberoi Realty is set to acquire the bankrupt hospitality company Hotel Horizon Private Limited (HHPL) for Rs 919 crore, as part of a resolution plan approved under the corporate insolvency process.
The consortium, comprising Oberoi Realty, Shree Naman Developers, and JM Financial Properties & Holdings, had submitted a resolution plan during HHPL’s Corporate Insolvency Resolution Process (CIRP). The Committee of Creditors (CoC) approved the plan on July 14, following which a Letter of Intent (LoI) was issued in the consortium’s favor, Oberoi Realty confirmed.
As per the resolution plan, the consortium will pay INR 919 crore, along with any additional statutory dues, to various creditors in full and final settlement of their outstanding claims, including unpaid CIRP costs.
Prime Juhu Property Under Acquisition
HHPL owns a 7,500 square meter plot in Juhu, a premium coastal neighborhood in Mumbai known for luxury real estate. The land offers views of the Arabian Sea and is located in one of the city’s most sought-after micro-markets.
According to data from Square Yards Data Intelligence, average property prices in Juhu rose slightly from INR 71,106 per sq. ft. in Q1 CY24 to INR 71,597 per sq. ft. in Q1 CY25, underscoring the area’s continued real estate appeal.
The implementation of the resolution plan will be carried out either directly by the consortium or through a special purpose vehicle (SPV) to be incorporated in accordance with the LoI and the order of the National Company Law Tribunal (NCLT), Mumbai Bench.
Founded in December 1968 and registered in Mumbai, HHPL operated camping sites and offered other short-stay accommodations. The company had an authorised share capital of INR 20 crore and a paid-up capital of INR 7 crore.
Source: Business Standard
