Tag: NCLT

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Mumbai NCLT allows 90-day extension of insolvency resolution for Lavasa Corp

MUMBAI: The Mumbai bench of National Company Law Tribunal (NCLT) has allowed a 90-day extension in the ongoing consolidated corporate insolvency resolution process (CIRP) of Lavasa Corp beginning May 29. The planned city project is undergoing a fresh CIRP after the NCLT, in September 2024, directed that the entire process be restarted, following the successful bidder’s failure to implement the approved resolution plan within the specified time frame. The company has admitted liabilities of more than ₹6,642 crore, while the erstwhile successful bidder, Darwin Platform Infrastructure, had proposed to pay ₹1,814 crore. “We are of the view that the present…

Industry

Kanakia Group seeks NLCT nod to demerge real estate arm

Mumbai-based Kanakia Group plans to demerge its real estate division from other businesses as part of a broader streamlining exercise it believes will help attract investors. Doing so would also provide more flexibility in accessing capital for each of the businesses, lawyers involved said. The group has approached the Mumbai bench of the National Company Law Tribunal (NCLT) to seek approval for the demerger of Kanakia Spaces Realty Pvt Ltd and Transparent Developers Pvt Ltd. This restructuring is aimed at segregating the group’s real estate activities from its other ventures. The companies, through their legal counsel, have told the NCLT…