Oberoi Realty-led consortium wins bid for Hotel Horizon in ₹919 crore resolution plan
Oberoi Realty
, in consortium with
Shree Naman Developers
and
JM Financial Properties and Holdings
, has been selected as the successful resolution applicant for
Hotel Horizon
(HHPL), a company undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), 2016.
The committee of creditors (CoC) has issued a letter of intent (LoI) confirming the approval of the consortium's resolution plan.
As per the terms of the plan, the consortium will make a payment of ₹919 crore to the creditors of HHPL as full and final settlement of all dues, inclusive of the cost of the
Corporate Insolvency Resolution Process
(CIRP).
HHPL, incorporated in 2004, owns a sea-facing land parcel measuring 7,502.49 sq meters on Juhu Tara Road in Mumbai. The property is proposed to be developed into a retail-cum-hotel project.
Following the approval of the resolution plan, the consortium—or a special purpose vehicle (SPV) formed by it—will acquire 100% equity stake in HHPL.
HHPL reported a turnover of ₹0.46 crore and a net worth of ₹78.51 crore in FY2014–15.
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