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Lavasa may go for liquidation: Lenders didn't get even Rs 5-cr upfront cash

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

Lavasa
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As the demand for real estate dried up due to the pandemic, a few other bidders like Oberoi Realty dropped out of the race

Dev ChatterjeeRaghu Mohan Mumbai
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. The final bids were opened on Monday.
 
"There was not even Rs 5 crore upfront cash on the table," said a source close to the development. "The auction was a total disaster. The banks will have to now consider sending the company for liquidation."
 
A last-minute bid was made by Royal Partners, a Dubai-based fund, but this was not encouraging for the lenders as the fund had earlier backed out of

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First Published: Nov 23 2020 | 11:38 PM IST

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