Home / Companies / News / Lenders to seek fresh bids for Lavasa Corp in debt resolution reset

Lenders to seek fresh bids for Lavasa Corp in debt resolution reset

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

Premium

The court was also told that due to the symbiotic relationship with the parent, several of Lavasa subsidiaries would lose their revenue streams.

Dev Chatterjee Raghu Mohan Mumbai

3 min read Last Updated : Feb 29 2020 | 3:19 AM IST

The lenders to Lavasa Corporation — the company developing a hill city near Pune — will invite fresh bids for the debt-laden firm and its 49 subsidiaries, after the National Company Law Tribunal (NCLT) decided to have a single consolidated resolution plan for all of them.

Lavasa and its subsidiaries defaulted on their debt obligations totalling about Rs 7,700 crore, which led the lenders to send the company to the NCLT for debt resolution in August 2018.

“All the previous bidders for Lavasa may not have the financial strength to take over Lavasa and its subsidiaries at the same time.

Topics : Lavasa National Company Law Tribunal NCLT Ashok Lavasa

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in