Lavasa
NCLT approves Rs 1,814 cr resolution plan for Lavasa; Darwin winning bidder
The National Company Law Tribunal has approved a Rs 1,814 crore resolution plan for the private hill station Lavasa, nearly five years after the initiation of the insolvency resolution process. Darwin Platform Infrastructure Ltd (DPIL) has emerged as the winning bidder for Lavasa Corporation Ltd, which is primarily in the business of the development of the private hill station by the same name in Pune. In August 2018, the NCLT admitted the petition of lenders of the debt-ridden Lavasa Corporation, the real estate firm of HCC, for the insolvency resolution process under the Insolvency and Bankruptcy Code (IBC). In a 25-page order passed on Friday, the tribunal cleared the resolution plan at an investment of Rs 1,814 crore. "The Resolution Plan contemplates an investment of Rs 1,814 crore, including a 'Resolution Plan Amount of Rs 1,466.50 crore to be paid/ discharged from funds infused over multiple tranches into the corporate debtor by way of cash funding and instruments, being ...
 "NCLT approves Rs 1,814 cr resolution plan for Lavasa; Darwin winning bidder")
NCLT clears Lavasa Corporation takeover by Darwin Platform Infrastructure
The NCLT nod will help the new developer to start work on the project which would help thousands of home buyers to get keys to their property
 "NCLT clears Lavasa Corporation takeover by Darwin Platform Infrastructure")
Supreme Court issues notice on plea challenging Lavasa land purchase
The petitioners contended before the HC that the permission given for the allotment of the lands was illegal as they were politically influenced.
Darwin Platform Infrastructure wins financial bid for Lavasa Corporation
DPIL has proposed a payment plan and schedule that includes upfront payment (Rs 100 crore)
 "Darwin Platform Infrastructure wins financial bid for Lavasa Corporation")
Mumbai's Darwin Platform Infra Ltd wins bid for Pune's Lavasa city
The Committee of Creditors of Lavasa Corporation voted and accepted a Rs 1,814-crore final Total Resolution Plan to revive the city
 "Mumbai's Darwin Platform Infra Ltd wins bid for Pune's Lavasa city")
Smart-city Lavasa receives two new bids offering Rs 25 crore upfront
Lavasa, a subsidiary of Hindustan Construction Company (HCC), was sent for bankruptcy in 2018
Top headlines: OMCs pay high excise; CoalMin aims for asset monetisation
Lavasa Corporation bankruptcy proceedings terminated by lenders to Corporate profits to GDP ratio at 10 years high. Top news this morning.
 "Top headlines: OMCs pay high excise; CoalMin aims for asset monetisation")
Lenders terminate bankruptcy proceedings against Lavasa Corporation
Lenders who have run up Rs 7,700 cr bad loans will call for fresh bids
Banks to send more cases to bankruptcy courts even as old ones lie stagnant
Several roads, real estate and power companies are headed to the bankruptcy courts once the one-year ban imposed by the RBI lifts in the coming week
 "Banks to send more cases to bankruptcy courts even as old ones lie stagnant")
Interups says it has Rs 13,500 cr ready for Air India, can invest billions
US based firm has $28 mn market cap, has already bid for several bankrupt firms in India such as Lavasa Corp, Asian Colour Coated Steel and Reliance Naval
 "Interups says it has Rs 13,500 cr ready for Air India, can invest billions")
Top headlines: Lavasa to go for liquidation, Urban Company gears up for IPO
Lenders to Lavasa Corporation, a bankrupt hill city near Pune, have been left disappointed as none of the bidders for the company submitted a viable financial plan
 "Top headlines: Lavasa to go for liquidation, Urban Company gears up for IPO")
Lavasa may go for liquidation: Lenders didn't get even Rs 5-cr upfront cash
Originally set up by HCC in 2000, Lavasa was developed as a picturesque hill station near Pune.
 "Lavasa may go for liquidation: Lenders didn't get even Rs 5-cr upfront cash")
Lavasa hill city hits dirt; lenders may send company to liquidation
Lavasa, a subsidiary of construction major HCC, has defaulted on bank loans worth Rs 7,700 crore
 "Lavasa hill city hits dirt; lenders may send company to liquidation")
Suitors opting out of race for Lavasa over fall in realty prices
Haldiram, Oberoi Realty's plans hit; No pick up in demand expected in next 2-3 years
 "Suitors opting out of race for Lavasa over fall in realty prices")
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.
 "SBI seeks new consolidated transaction review, forensic audit of Lavasa")
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.
 "SBI seeks new consolidated transaction review, forensic audit of Lavasa")
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
 "Lenders to seek fresh bids for Lavasa Corp in debt resolution reset")
New York's Interups plans to acquire assets worth $8 billion in India
If all the transactions conclude successfully, Interups said it would earn $80-$100 million in gross cash revenues, excluding any equity value earned
 "New York's Interups plans to acquire assets worth $8 billion in India")
Oberoi Realty, US-based fund Interups to bid for cash-strapped Lavasa
During the committee of creditors (CoC) meeting held in early January, the lenders had decided to place fresh expressions of interest (EoIs) before the NCLT.
 "Oberoi Realty, US-based fund Interups to bid for cash-strapped Lavasa")
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
 "Lavasa CoC rejects bids of Haldiram, Deshpande; seeks more time from NCLT")
