Latest news with #HHPL
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Business Standard
5 days ago
- Business
- Business Standard
Oberoi Realty-led group to pay Rs 919 cr to acquire bankrupt hotel firm
A consortium led by Mumbai-based real estate developer Oberoi Realty will pay Rs 919 crore to the lenders to acquire bankrupt hospitality firm Hotel Horizon Private Limited (HHPL). The resolution plan submitted by the consortium of Oberoi Realty, Shree Naman Developers and JM Financial Properties & Holdings in the corporate insolvency resolution process (CIRP) of HHPL was approved by the committee of creditors (CoC) on July 14 following which a letter of intent was issued in favour of the consortium, Oberoi Realty noted. The resolution plan provides for payment of an amount of Rs 919 crore and any additional amounts that may become payable to comply with applicable laws to various creditors in full and final settlement of their outstanding claim against HHPL (including the unpaid CIRP costs). Additionally, HHPL is a Mumbai-registered company incorporated in December 1968, operating camping sites and other provisions of short-stay accommodation. Its authorised share capital was Rs 20 crore, and its paid-up capital was Rs 7 crore.
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Business Standard
5 days ago
- Business
- Business Standard
Oberoi-led consortium to acquire Hotel Horizon for ₹919 crore in Mumbai
A consortium led by Mumbai-based real estate developer Oberoi Realty will pay ₹919 crore to the lenders of Hotel Horizon Private Limited, a bankrupt hospitality firm. The resolution plan submitted by the consortium of Oberoi Realty, Shree Naman Developers and JM Financial Properties & Holdings in the corporate insolvency resolution process (CIRP) of Hotel Horizon Private Limited (HHPL) was approved by the Committee of Creditors (CoC) of HHPL on 14 July 2025. The resolution professional, acting under the instructions of and authorisation from the CoC, has issued a Letter of Intent (LoI) declaring the selection of the consortium as the successful resolution applicant, Oberoi Realty noted. The resolution plan provides for payment of an amount of ₹919 crore, along with any additional amounts that may become payable to comply with applicable laws, to various creditors in full and final settlement of their outstanding claims against HHPL (including the unpaid CIRP costs). HHPL holds land measuring 7,500 square metres, overlooking the Arabian Sea and situated at Juhu, a premium residential micro market in Mumbai known for its high-end real estate. The average property prices in Juhu during the first quarter of the calendar year 2025 (Q1 CY25) stood at ₹71,597 per square foot, compared to ₹71,106 per square foot in Q1 CY24, according to Square Yards Data Intelligence, a real estate data analytics firm. The resolution plan will be implemented through either the consortium or a special purpose vehicle (SPV) to be incorporated by the consortium. The plan will be executed as per the terms of the resolution plan, LoI and the order of the National Company Law Tribunal (NCLT), Mumbai Bench, approving the resolution. Additionally, HHPL is a Mumbai-registered company incorporated in December 1968. The company operated camping sites and other forms of short-stay accommodation. Its authorised share capital was ₹20 crore, and its paid-up capital was ₹7 crore.
Time of India
5 days ago
- Business
- Time of India
Oberoi Realty-led consortium wins bid for Hotel Horizon in ₹919 crore resolution plan
NEW DELHI: 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.
