Lavasa

The National Company Law Tribunal has approved a Rs 1,814 crore resolution plan for the private hill station Lavasa, nearly five years after the initiation of the insolvency resolution process. Darwin Platform Infrastructure Ltd (DPIL) has emerged as the winning bidder for Lavasa Corporation Ltd, which is primarily in the business of the development of the private hill station by the same name in Pune. In August 2018, the NCLT admitted the petition of lenders of the debt-ridden Lavasa Corporation, the real estate firm of HCC, for the insolvency resolution process under the Insolvency and Bankruptcy Code (IBC). In a 25-page order passed on Friday, the tribunal cleared the resolution plan at an investment of Rs 1,814 crore. "The Resolution Plan contemplates an investment of Rs 1,814 crore, including a 'Resolution Plan Amount of Rs 1,466.50 crore to be paid/ discharged from funds infused over multiple tranches into the corporate debtor by way of cash funding and instruments, being ...

The NCLT nod will help the new developer to start work on the project which would help thousands of home buyers to get keys to their property

The petitioners contended before the HC that the permission given for the allotment of the lands was illegal as they were politically influenced.

DPIL has proposed a payment plan and schedule that includes upfront payment (Rs 100 crore)

The Committee of Creditors of Lavasa Corporation voted and accepted a Rs 1,814-crore final Total Resolution Plan to revive the city

Lavasa, a subsidiary of Hindustan Construction Company (HCC), was sent for bankruptcy in 2018

Lavasa Corporation bankruptcy proceedings terminated by lenders to Corporate profits to GDP ratio at 10 years high. Top news this morning.

Lenders who have run up Rs 7,700 cr bad loans will call for fresh bids

Several roads, real estate and power companies are headed to the bankruptcy courts once the one-year ban imposed by the RBI lifts in the coming week

US based firm has $28 mn market cap, has already bid for several bankrupt firms in India such as Lavasa Corp, Asian Colour Coated Steel and Reliance Naval

Lenders to Lavasa Corporation, a bankrupt hill city near Pune, have been left disappointed as none of the bidders for the company submitted a viable financial plan

Originally set up by HCC in 2000, Lavasa was developed as a picturesque hill station near Pune.

Lavasa, a subsidiary of construction major HCC, has defaulted on bank loans worth Rs 7,700 crore

Haldiram, Oberoi Realty's plans hit; No pick up in demand expected in next 2-3 years

The new forensic audit was necessitated after the National Company Law Tribunal (NCLT) cleared a consolidated bankruptcy process of all Lavasa companies.

The new forensic audit was necessitated after the National Company Law Tribunal (NCLT) cleared a consolidated bankruptcy process of all Lavasa companies.

Lavasa and its subsidiaries defaulted on their debt obligations totalling about Rs 7,700 crore

If all the transactions conclude successfully, Interups said it would earn $80-$100 million in gross cash revenues, excluding any equity value earned

During the committee of creditors (CoC) meeting held in early January, the lenders had decided to place fresh expressions of interest (EoIs) before the NCLT.

Lenders expect the entire debt resolution process to be delayed further as the NCLT takes a call on a single debt resolution for Lavasa and its subsidiaries