Latest news with #HotelHorizon
Time of India
03-08-2025
- Business
- Time of India
NCLT excludes Phoenix ARC from Committee of Creditors in Hotel Horizon case
The National Company Law Tribunal ( NCLT ) has partially allowed the application filed by the suspended promoters of Hotel Horizon , directing the exclusion of asset reconstruction company Phoenix ARC 's claim from the ongoing corporate insolvency resolution process (CIRP), citing it as barred by limitation. Hotel Horizon's key asset is a prime 1.85-acre land parcel in Mumbai's plush Juhu area, overlooking the Arabian Sea. Explore courses from Top Institutes in Please select course: Select a Course Category Last month, Oberoi Realty in partnership with Shree Naman Developers and JM Financial Properties secured the approval of the committee of creditors (CoC) to acquire the company through the CIRP. The consortium's resolution plan, involving a total settlement of Rs 919 crore, was cleared by the CoC, with the resolution professional (RP) issuing a formal letter of intent. The latest order, passed on July 17, said that the debt claimed by Phoenix ARC, which had acquired the loan from IDFC Bank, was time-barred and could not be considered a financial debt under the Insolvency and Bankruptcy Code (IBC). Live Events The tribunal also instructed the RP to rework the claim admitted for JM Financial Asset Reconstruction Company (JMFARC), factoring in the refund of a Rs 14 crore processing fee and interest, originally agreed upon by ICICI Bank in a credit committee resolution. The development follows a challenge by Sagar and Vishal Sharma, the suspended directors of Hotel Horizon, who had sought removal of four creditors--Union Bank of India, ACRE, JMFARC and Phoenix ARC--from the CoC, alleging that their claims were inflated, fictitious and time-barred. While dismissing the request to remove UBI, ACRE and JMFARC from the CoC, the NCLT directed the RP to reverify Union Bank of India 's admitted claims, including applicable interest rates and other levies, considering subsequent agreements that might supersede the original facility agreement. Akash Agarwal, founder of MAAK Legal, along with counsels Pulkit Sharma and Rohan Agrawal appeared for the promoters of Hotel Horizon. The tribunal held that debts owed to Union Bank of India, ACRE and JMFARC were not barred by limitation due to continued acknowledgements of liability by the corporate debtor through one-time settlement proposals, balance sheets and communications extending the limitation period. In contrast, Phoenix ARC's claim, previously dismissed by the National Company Law Appellate Tribunal (NCLAT) in 2020 for being time-barred, could not be reconsidered. The NCLT held that in the absence of any stay on the NCLAT order by the Supreme Court, it remained binding. Further, the tribunal clarified that additional interest, liquidated damages and interest on arrears of such damages do constitute financial debt, reinforcing the principle that such charges are intrinsically linked to lending arrangements and risk-based pricing. Meanwhile, CFM ARC, which acquired the debt from Phoenix ARC, has filed an appeal before the NCLAT seeking a stay in the matter. Economic Times WhatsApp channel )
India.com
15-07-2025
- Entertainment
- India.com
Remember this actress who played Salman Khan's wife? Fell in love on a movie set, got married, then suddenly disappeared, her name is...
Remember this actress who played Salman Khan's wife? Fell in love on a movie set, got married, then suddenly disappeared, her name is... In 90s, actress Sheeba Sabir rose to fame with her power-packed performances in films like Miss 420, Sanam Teri Kasam, and Pyar Ka Rog. She also portrayed Salman Khan's wife in fantasy horror film titled Suryavanshi. While the 1992 film tanked at the box office, Sheeba got her dues. Apart from her glorious career in films, she also made an impactful television career with shows like Kutumb, Karishma-The Miracles Of Destiny, Haasil and few others. In 1996, Sheeba got married to her Pyar Ka Rog director Akashdeep Singh. They first met on the sets of Sheeba's film, Miss 420 , and soon their friendship blossomed into love. Reminiscing about their early stages of relationship, Sheeba recalled in an interview with BollywoodShaadis. 'We became good friends, but it was only later when we went to Goa for shooting the film, Miss 420 that the flame of love was ignited. I was attracted by his sense of humour and easy-going nature. I was apprehensive in the beginning. It upset me when people on the sets talked about us. However, I realised that as long as it did not affect my work, it was nobody's business to interfere with my life.' Sheeba said. After their wholesome wedding, the two flew off to Australia for their Honeymoon. Sharing the most happy and memorable moments of their life, Sheeba recalled, 'My parents did not oppose our relationship, as they believed in me. They trusted that I would never get into a relationship with my eyes closed. The fact that both were Punjabis made things easier. After seven months of courtship, we got married on November 27, 1996. We booked three floors of Hotel Horizon in Mumbai for an entire week. Both our families stayed in the hotel, itself. Besides the wedding we had all the other ceremonies like the sangeet, the haldi and the cocktail party at the hotel. Both the families bonded so well that it was difficult to recognise who belonged to the bride's family and who belonged to the groom's. We went to the Gold coast in Australia as backpackers for our honeymoon.' After few years of marriage, the couple embraced parenthood by welcoming two boys- Hriday and Bhavishya. Sheeba collaborated with her husband post-marriage in the television serial Karishma-The Miracles Of Destiny. Praising Akashdeep for not being a typical male chauvinist, she said, 'We understand the pressures of work as we both belong to the same profession. In the glamour industry, you have to make an extra effort to understand the demands of work and the erratic timings. You have to be mature and tolerant. Akash is quite mature. Not only does he understand the pressures of my job, but he also takes care of the home and children when I am working in a double shift.' After captivating audiences with her stellar performances in 90s, Sheeba returned to the limelight with her compelling performance in Alia Bhatt's Jigra. She also made a cameo appearance in Karan Johar's Rocky Aur Rani Kii Prem Khaani. Along with acting, Sheeba also co-produces films and shows, with her husband, Akashdeep.
