The consortium’s resolution plan, involving a total settlement of Rs 919 crore, was cleared by the CoC, with the Resolution Professional issuing a formal Letter of Intent (LoI) on the same day.
This marks another high-profile acquisition of a stressed asset in Mumbai’s luxury hospitality and retail real estate space.
HHPL’s key asset is a prime 1.85-acre land parcel in Mumbai’s upscale Juhu area, overlooking the Arabian Sea. The proposed acquisition aligns with Oberoi Realty and Shree Naman Developers’ core focus on premium real estate development and strengthens their footprint in Mumbai’s high-value hospitality and mixed-use property market.
Under the plan, the consortium will pay the Rs 919 crore to creditors in full and final settlement of all claims, including unpaid insolvency process costs, within 45 days of approval by the National Company Law Tribunal (NCLT).
The consortium reserves the flexibility to implement the acquisition either directly or through a special purpose vehicle (SPV) formed for this purpose.According to regulatory filings, HHPL was incorporated in 2004 and is engaged in developing a retail-cum-hospitality project at Juhu. The company’s latest available financial disclosures indicate a turnover of Rs 0.46 crore in 2014–15 and a net worth of Rs 78.5 crore.As part of the transaction structure, the consortium or the SPV will subscribe to Rs 1 crore worth of fresh shares in HHPL, giving it complete ownership.
Oberoi Realty has clarified that the transaction does not involve any related-party interests. The resolution plan remains subject to the NCLT’s final approval and any other regulatory clearances required under applicable laws.
The move reflects continued interest from large real estate developers in hospitality and mixed-use assets in key urban markets, especially those with waterfront or marquee locations.
The plan includes provisions for securing necessary permissions from relevant authorities and sets out the framework for full control and 100% shareholding in HHPL upon completion.
Hotel Horizon Private Limited was admitted to insolvency under the IBC framework, with accumulated debt liabilities prompting a distressed sale. The asset attracted interest for its location value despite limited operational revenue in recent years.
