Tag: Lavasa Corp

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Axis Bank to Sell ₹511-Crore Lavasa Corp Debt

Axis Bank has become the first creditor to seek buyers for its outstanding exposure to the financially troubled Lavasa Corp, while other lenders are still evaluating their options due to the ongoing litigation issues tied to the resolution process. On Monday, Axis Bank listed its ₹511 crore claims for sale with a reserve price of ₹80 crore, available on an all-cash basis. As the fifth-largest creditor to the distressed private hill city, Axis is actively soliciting expressions of interest (EoIs) from asset reconstruction companies (ARCs), non-banking finance companies (NBFCs), and other financial institutions. The deadline for submitting documents is November…

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Valor Estate Might Seek NCLT Review of Lavasa Offer

MUMBAI: Valor Estate is poised to submit a petition to the Mumbai National Company Law Tribunal (NCLT), seeking permission to revise its resolution plan for Lavasa Corp. This move comes after the tribunal recently allowed the Welspun-Ashdan Developers consortium to amend its payment schedule. Valor’s petition follows a week of rapid developments wherein the Welspun-Ashdan consortium emerged as the frontrunner for the takeover due to its modified payment timeline. The committee of creditors voted on three resolution plans, including one from the Yogayatan Group, on Wednesday. During a hearing regarding another application submitted by Anuj Goyal, Valor’s legal team raised…

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Welspun Takes NCLT Action Against Lavasa’s Bidder Valor

Representative image. MUMBAI: The Welspun Group has submitted a petition to the Mumbai bench of the National Company Law Tribunal (NCLT), pointing to past defaults in an effort to disqualify top bidder Valor Estates from the debt resolution process for Lavasa Corp, known for its ambition to establish India’s first planned hill city. This interlocutory application, filed through a Welspun subsidiary, emphasizes connections between Valor’s promoters and another delinquent, debt-ridden jeweler, which could lead to automatic disqualification under the law. The submitted plea alleges that Valor’s ineligibility stems from Section 29A of the bankruptcy code, which precludes individuals with a…