# In the matter of Hotel Horizon Private Limited

> NCLT judgment dated 2026-01-12. Citation: TCN-2026-NCLT-00072. The case involves an Interlocutory Application (I.A. No. 4764 of 2025) filed by Sagar Sharma &…

- **Court:** NCLT
- **Order date:** 12 Jan 2026
- **Citation:** TCN-2026-NCLT-00072
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/hotel-horizon-private-limited-23f70148

## Summary

### Background

The case involves an Interlocutory Application (I.A. No. 4764 of 2025) filed by Sagar Sharma & Anr., suspended directors/promoters of Horizon Private Limited (Corporate Debtor), seeking rejection of the Resolution Plan approved by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application by Asset Care & Reconstruction Limited (ACRE), a Financial Creditor.

## Facts

Interlocutory Application No. 4764 of 2025 was filed by Sagar Sharma & Anr., suspended directors/promoters of Horizon Private Limited.

The CIRP was initiated based on an application by Asset Care & Reconstruction Limited (ACRE), a Financial Creditor.

The Applicants sought rejection of the Resolution Plan dated July 10, 2025, of Consortium of Oberoi Realty Limited, Shree Naman Developers Private Limited and JM Financial Properties and Holdings Limited.

The Applicants alleged inflated and time-barred claims, undervaluation of assets, and conflict of interest.

The Resolution Plan was approved by the CoC with 100% vote on July 14, 2025.

The Applicants submitted a settlement proposal under Section 12A of the IBC, offering to pay 100% of the crystallized lawful debt.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan should be rejected based on allegations of inflated and time-barred …

**Ratio:** The Tribunal had already adjudicated on the issue of inflated and time-barred claims in

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**Reasoning:** The Applicants had previously raised the issue of inflated and time-barred claims, and

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**Interpretation:** The Tribunal is not required to re-adjudicate issues that have already been

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**Application:** The Tribunal did not address the issue of inflated and time-barred claims again

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Sagar S…
- **Respondents:** Hotel Horizon…; Committee of…
- **Other parties:** Asset Care &…
- **Advocates:** Akshay P…; Akash Ag…; +5 more

## Timeline

- **2022 — C.P. NO. (IB)…**: Filing of C.P. NO. (IB)…
- **2024-12 — IA 219 of…**: Filing of IA 219 of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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