Lenders of Lavasa cancel bankruptcy proceedings to invite fresh bids
01 Jun 2021
2 Min Read
CW Team
Lenders of Lavasa Corporation have cancelled the ongoing bankruptcy proceedings as they did not receive good bids, according to the media.
According to a media report, the firm's lenders planned a new bidding process for its bankruptcy proceedings due to the lack of sufficient bids during the previous bidding.
The report said that the National Company Law Tribunal (NCLT) asked for consolidation of bankruptcy proceedings against all subsidiaries of HCC Ltd along with Lavasa Corporation, and hence fresh bids will be invited.
NCLT in 2018, had admitted a plea by operational creditors who sought the Corporate Insolvency Resolution Process (CIRP) against Lavasa Corporation under the Insolvency and Bankruptcy Code (IBC).
According to the report, lenders hold Rs 7,700 crore as bad debts in the company. Since the launch of IBC proceedings against the corporation, it has missed several deadlines set out in the statute.
In compliance with Maharashtra's government policies and legislation for new hill stations, Lavasa City was constructed as India's first privately built smart city.
The company has made a significant contribution to the transformation of Lavasa by expanding its infrastructure, which now includes more than 2,200 houses and villas, hotels, and a range of municipal facilities and services, including an international convention centre.
HCC told the media that the Ministry of Environment's notification to halt work on jurisdictional grounds rather than environmental violations had a severe impact on the project.
Also read: DHFL resolution: NCLT asks lenders to consider Kapil Wadhawan鈥檚 offer
Also read: NPA woes: IFC partners with JC Flowers to help lenders
Lenders of Lavasa Corporation have cancelled the ongoing bankruptcy proceedings as they did not receive good bids, according to the media.
According to a media report, the firm's lenders planned a new bidding process for its bankruptcy proceedings due to the lack of sufficient bids during the previous bidding.
The report said that the National Company Law Tribunal (NCLT) asked for consolidation of bankruptcy proceedings against all subsidiaries of HCC Ltd along with Lavasa Corporation, and hence fresh bids will be invited.
NCLT in 2018, had admitted a plea by operational creditors who sought the Corporate Insolvency Resolution Process (CIRP) against Lavasa Corporation under the Insolvency and Bankruptcy Code (IBC).
According to the report, lenders hold Rs 7,700 crore as bad debts in the company. Since the launch of IBC proceedings against the corporation, it has missed several deadlines set out in the statute.
In compliance with Maharashtra's government policies and legislation for new hill stations, Lavasa City was constructed as India's first privately built smart city.
The company has made a significant contribution to the transformation of Lavasa by expanding its infrastructure, which now includes more than 2,200 houses and villas, hotels, and a range of municipal facilities and services, including an international convention centre.
HCC told the media that the Ministry of Environment's notification to halt work on jurisdictional grounds rather than environmental violations had a severe impact on the project.
Image SourceAlso read: DHFL resolution: NCLT asks lenders to consider Kapil Wadhawan鈥檚 offer
Also read: NPA woes: IFC partners with JC Flowers to help lenders
Next Story
3i Infotech Reports Rs 7.25 Bn Revenue for FY25
3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..
Next Story
Emerald Finance Joins Baya PTE to Boost SME Bill Discounting
Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..
Next Story
BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25
BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, 鈥淲e are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..
