Lavasa residents seek clarity from judicial forums on joining IBC process

Residents of Lavasa, India’s first private city, are awaiting clarity from several judicial forums on whether they can join the insolvency process of Lavasa Corporation, a subsidiary of BSE-listed Hindustan Construction Company (HCC).

Last Thursday, the Mumbai Bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition against Lavasa, accusing the project of continual delays in delivering residences and other aspects of the project.

In Lavasa the developer must provide basic services like water and electricity, as well as security and other amenities.

In the early 2000s, the Maharashtra government awarded HCC the tender to build, develop and