# In the matter of Hotel Horizon Private Limited

> NCLT judgment dated 2026-01-12. Citation: TCN-2026-NCLT-00073. The case involves an Interlocutory Application (I.A. No. 3029 of 2025) filed by Sagar Sharma &…

- **Court:** NCLT
- **Order date:** 12 Jan 2026
- **Citation:** TCN-2026-NCLT-00073
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/hotel-horizon-private-limited-5a13a85d

## Summary

### Background

The case involves an Interlocutory Application (I.A. No. 3029 of 2025) filed by Sagar Sharma & Anr., suspended directors/promoters of Horizon Private Limited (Corporate Debtor), in the ongoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated by Asset Care & Reconstruction Limited (ACRA), a Financial Creditor.

## Facts

Sagar Sharma & Anr., suspended directors/promoters of Horizon Private Limited, filed an Interlocutory Application (I.A. No. 3029 of 2025) challenging the CIRP process.

Asset Care & Reconstruction Limited (ACRA) initiated the CIRP against Horizon Private Limited.

The applicants alleged deficiencies in the Information Memorandum (IM) issued by the Resolution Professional (RP).

The applicants sought a stay on the challenge process, withdrawal of the existing Form G, and consideration of a part-asset resolution process.

The Resolution Professional (RP) and the Committee of Creditors (CoC) opposed the application, stating that the IM was prepared based on available information and that the applicants were non-cooperative.

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## Issues and analysis

### Issue 1: Whether the Information Memorandum (IM) prepared by the Resolution Professional (RP) is defective …

**Ratio:** The Tribunal found that the IM was prepared by the Resolution Professional on a

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**Reasoning:** The Tribunal noted that any alleged gaps in the IM were attributable to the Applicants'

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**Interpretation:** The Tribunal interpreted Section 19 of the IBC to mean that the applicants had

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**Application:** The Tribunal applied this interpretation to the facts of the case and found

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Sagar S…
- **Respondents:** Hotel Horizon…; Pravin R. N…
- **Other parties:** Committee of…; Asset Care &…; +1 more
- **Advocates:** Akshay P…; Rohan Ag…; +8 more

## Timeline

- **2025-06-23 — Application…**: The present Application was filed by the…
- **2025-07-08 — Listed for the first…**: Listed for the first time on July 8, 2025, a date that significantly coincides with the…

## 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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