Tag: NCLT

IndustryLatest Stories

Yogayatan Appeals to NCLT on Revised Lavasa Bid Approval

The Yogayatan Group, based in Mumbai, has lodged a petition with the National Company Law Tribunal (NCLT) opposing creditors’ decision to permit revised resolution plans for the financially troubled Lavasa Corp. According to **RealtyDailyNews** on August 1, Yogayatan emerged as the highest bidder with a bid of ₹795 crore based on net present value (NPV) after bidders were given a chance to enhance their offers following the initial round of bidding last month. However, after the bids were revealed, Valor Estates (formerly DB Realty), which did not submit a revised bid, indicated it wanted to raise its offer. This Mumbai-based…

Latest StoriesRegulatory

NCLT Excludes Phoenix ARC from Hotel Horizon Creditors’ Committee

The National Company Law Tribunal (NCLT) has partially accepted the request made by the suspended promoters of Hotel Horizon, ruling that the claim from asset reconstruction firm Phoenix ARC is invalid due to being barred by the statute of limitations. Hotel Horizon’s primary asset is a valuable 1.85-acre plot located in Juhu, Mumbai, with a view of the Arabian Sea. Last month, a consortium comprising Oberoi Realty, Shree Naman Developers, and JM Financial Properties received the committee of creditors’ (CoC) approval to acquire the company through the corporate insolvency resolution process (CIRP). The CoC has approved a resolution plan that…

Latest StoriesResidential

100 Buyers Register at RG Luxury Homes’ Noida Camp

NOIDA: Around 100 homebuyers of the RG Luxury Homes project received their registries during a special camp organized by the Greater Noida Authority and the stamp and registration department on Wednesday. This event, held at the project site in Greater Noida West, marked the start of the registration process. Authorities have been prompted to arrange similar camps for other legacy projects to speed up the handover process. After settling 25% of their dues with the Authority, the promoter was granted permission to commence unit registration in line with state government policy. Initially launched in 2010 with a delivery date set…

CommercialLatest Stories

IL&FS aims to block Brookfield’s bid for finance center

MUMBAI: Brookfield, a leading global alternative investment firm, is back in the spotlight along with the historic IL&FS building, which has played a significant role in establishing BKC as Mumbai’s financial district. The bankrupt financier that sold the property to a Brookfield-affiliated entity is now seeking to overturn its recent court decision, alleging that the global asset manager did not meet the bid’s requirements and that the bid security has expired. Sources within the finance industry suggest that rising commercial property values in BKC have rendered Brookfield’s original offer for the IL&FS Centre—formerly occupied by HDFC—less appealing, as highlighted in…