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Oberoi Realty, as part of a consortium, has acquired Hotel Horizon for INR 919 crore through an insolvency resolution process. The acquisition involves a 7,502.49 sq meter sea-facing land parcel on Juhu Tara Road, Mumbai, slated for a retail-cum-hotel project. The payment settles all dues, including CIRP costs, for Hotel Horizon, incorporated in 2004. This acquisition marks a step in the insolvency resolution of the property and its planned redevelopment in Mumbai's prime real estate market.
Oberoi Realty, in a consortium with Shree Naman Developers and JM Financial Properties, has acquired Hotel Horizon (HHPL) for INR 919 crore. This acquisition occurred through an insolvency resolution process. The payment of INR 919 crore will settle all dues related to Hotel Horizon, including the cost of the Corporate Insolvency Resolution Process (CIRP). Advertisement
Hotel Horizon (HHPL), incorporated in 2004, owns a 7,502.49 square meter sea-facing land parcel. This property is located on Juhu Tara Road in Mumbai. It is slated for development into a retail-cum-hotel project. In fiscal year 2014-15, HHPL reported a turnover of INR 0.46 crore and a net worth of INR 78.51 crore. Following the approval of the resolution plan, the consortium or a special purpose vehicle (SPV) formed by it will acquire a 100% equity stake in HHPL.
Acquisitions of assets through insolvency resolution processes are a mechanism for resolving financial distress in companies. Such deals allow for the revival of projects and the recovery of dues for creditors. The acquisition of prime sea-facing land in Mumbai for redevelopment highlights the city's active real estate market.
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