In a significant order, the National Company Law Tribunal (NCLT) has barred Phoenix ARC’s claim in the high-profile Hotel Horizon insolvency case, ruling that the claim was time-barred. This development has paved the way for a ₹919 crore resolution plan led by Oberoi Realty in partnership with Shree Naman Developers and JMF ARC.
Hotel Horizon, a premium property located in Mumbai’s Juhu area, has been at the center of corporate insolvency proceedings. The suspended promoters challenged the inclusion of Phoenix ARC’s claim, contending it was beyond limitation and could not be considered under the Insolvency and Bankruptcy Code (IBC).
MAAK Legal, under the leadership of Akash Agarwal (Founder), along with counsels Pulkit Sharma and Rohan Agarwal, represented the promoters of Hotel Horizon before the tribunal. Our team successfully argued for the exclusion of Phoenix ARC’s inflated and time-barred claims, ensuring that only legitimate debts were considered in the resolution process.
The tribunal also directed the Resolution Professional to reverify Union Bank of India’s admitted claims, including applicable interest and settlement agreements, further ensuring fairness in the proceedings. By setting aside Phoenix ARC’s disputed claim, the NCLT has protected the integrity of the insolvency process and provided a clear path for resolution.
This landmark outcome highlights the importance of meticulous legal strategy in complex insolvency disputes. MAAK Legal is proud to have played a pivotal role in safeguarding our client’s interests while reinforcing the principles of law and limitation under the IBC framework.
At MAAK Legal, we remain committed to delivering effective representation in high-stakes corporate and insolvency matters, ensuring that justice is not only done but also seen to be done.