Real estate company Oberoi Realty announced that the Committee of Creditors (CoC) of Hotel Horizon Private Limited (HHPL) has approved the resolution plan submitted by a consortium comprising Oberoi Realty, Shree Naman Developers, and JM Financial Properties and Holdings.
The approval was granted on July 14 and the Resolution Professional has issued a Letter of Intent (LOI), confirming the consortium as the successful resolution applicant.
In a regulatory filing, the company said that the resolution plan involved a total payment of Rs 919 crore, along with any additional statutory payments, for full and final settlement of outstanding claims and unpaid Corporate Insolvency Resolution Process (CIRP) costs. The payment, it added, is to be made within 45 days from the date of approval by the NCLT, Mumbai Bench.
“The resolution plan provides for payment of an amount of Rs 919 Crore (and any additional amounts which may become payable to be in compliance with applicable laws) to various creditors in full and final settlement of their outstanding claim against HHPL (including the unpaid CIRP costs) on the Payment Date (being a date not later than 45 days from the date on which the resolution plan is approved by Hon’ble National Company Law Tribunal (NCLT)),” Oberoi Realty said.
HHPL holds land measuring around 7500 square metre overlooking the Arabian sea and situated at Juhu, Mumbai. The acquisition will be executed either directly by the consortium or through a special purpose vehicle (SPV) to be formed.
Under the resolution plan, Oberoi Realty said, the consortium or SPV will subscribe to Rs 1 crore of fresh shares of HHPL for a 100 per cent ownership of HHPL.
Shares of Oberoi Realty were up 1.08 per cent today at 10:30 am at a trading price of Rs 1,824.00.