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SBI seeks new consolidated transaction review, forensic audit of Lavasa

The new forensic audit was necessitated after the National Company Law Tribunal (NCLT) cleared a consolidated bankruptcy process of all Lavasa companies.

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Certain transactions, SBI said, are so complicated that it would be difficult for CoC to interpret the interlinkages based on individual TRA reports for each entity. SBI said a fresh audit would be in a position to capture such interlinkages through a consolidated TRA report for all entities.

Dev Chatterjee Raghu Mohan Mumbai

4 min read Last Updated : Jun 26 2020 | 11:41 PM IST

State Bank of India has sought a new consolidated transaction review and forensic audit of Lavasa Corporation, the real estate subsidiary of HCC, to provide a clear picture of the company’s financial metrics on a consolidated basis.

The new forensic audit was necessitated after the National Company Law Tribunal (NCLT) cleared a consolidated bankruptcy process of all Lavasa companies.

Lavasa Corporation was sent for debt resolution in 2018 after the real estate company failed to repay Rs 7,700 crore. Among Lavasa’s creditors, Axis Bank claimed the highest amount of Rs 1,266 crore. Lavasa’s parent, HCC has also defaulted on bank loans.

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Topics : State Bank of India SBI Lavasa forensic audit

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