Tag: db realty

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Bombay HC Quashes PMLA Case Against D B Realty Chief

MUMBAI: The Bombay High Court has dismissed a 2016 money laundering case against D B Realty Ltd and its managing director, Vinodkumar Goenka. This case was associated with former Maharashtra deputy chief minister Chhagan Bhujbal and the Maharashtra Sadan construction controversy. A single-judge bench led by Justice Ashwin Bhobe, in a July 21 ruling, annulled the 2019 order from a special court that had rejected the discharge petitions of Goenka and D B Realty. They were implicated in a case under the Prevention of Money Laundering Act (PMLA) set in motion against Bhujbal and others in 2016. For Goenka and…

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Valor Wins Lavasa Bid with ₹771-Crore Offer

Realty developer Valor Estate, previously known as DB Realty, has placed the highest bid of ₹771.09 crore for Lavasa Corporation, as part of the ongoing insolvency resolution for the financially troubled hill city project near Pune. This bidding process, conducted under the ‘challenge process’ of the Corporate Insolvency Resolution Process (CIRP), ended on Tuesday. “The highest bidder was determined after an intense series of 10 rounds,” noted an insider. “The committee of creditors (CoC) will continue negotiations with the applicant to optimize the value. Details regarding the timeline for final plan submissions and proof of funding will be provided separately.”…