Lavasa CoC rejects bids of Haldiram, Deshpande; seeks more time from 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

The committee of creditors (CoC) of real estate firm Lavasa Corporation has decided to seek more time from the National Company Law Tribunal (NCLT) for the debt resolution of Lavasa Corporation after the bids made by both applicants — Haldiram Snacks and Pune-based real estate builder Anirudh Deshpande — were found non-compliant with the insolvency norms. 

The resolution professional (RP) has asked the NCLT for resolution of all 40 subsidiaries of Lavasa Corporation together with the parent firm, which was coming up near Pune, Maharashtra. The company was sent for debt resolution in August last year after it failed to