A consortium led by Mumbai-listed Oberoi Realty Ltd is set to acquire debt-laden Hotel Horizon Pvt Ltd in Juhu, Mumbai for Rs 9.19 billion (approximately USD 107 million) under a resolution plan approved through India’s Insolvency and Bankruptcy Code (IBC).In a filing to the stock exchange, Oberoi Realty confirmed that the Committee of Creditors of Hotel Horizon had approved the resolution plan, following which a letter of intent was issued. The consortium also includes Shree Naman Developers and JM Financial Properties.As per the resolution plan, the consortium will make a payment of Rs 9.19 billion, covering full and final settlement of outstanding claims and unpaid dues. The plan involves the transfer of 100 per cent ownership of Hotel Horizon to the consortium or a designated special purpose vehicle. Oberoi Realty stated the acquisition is in line with its broader strategic goals.Hotel Horizon owns a 7,500-square-metre plot in Mumbai’s upscale Juhu locality, overlooking the Arabian Sea, where a retail and hotel complex is under development. Established in 2004, the company entered insolvency proceedings in 2019, with the National Company Law Tribunal appointing an interim resolution professional in January that year.Among its secured financial creditors were CFM Asset Reconstruction Pvt Ltd and JM Financial Asset Reconstruction Co Ltd, who submitted claims of Rs 10.79 billion and Rs 7.56 billion, respectively. Combined with claims from other creditors and the income tax department, total claims amounted to Rs 19.28 billion, of which Rs 16.56 billion were admitted by the NCLT.The final resolution amount of Rs 9.19 billion thus represents just over 55 per cent of the approved claims, with the remainder effectively written off.Following the announcement, Oberoi Realty’s shares rose 1.2 per cent on Tuesday, reflecting positive investor sentiment towards the resolution.