Tag: union bank of india

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Homebuyers Challenge Lavasa Corp’s Insolvency at NCLT

MUMBAI: Homebuyers in Lavasa, a hill town developed by Lavasa Corp, have submitted a new appeal requesting intervention from the appellate tribunal. They have cited significant issues within the resolution plan. In their appeal, the homebuyers have raised concerns about discriminatory treatment, arbitrary financial burdens, a lack of transparency in the insolvency process, and possible changes to key elements of the approved plan by the Welspun Group-Ashdan Properties consortium. In a detailed 99-page appeal, they requested a stay on the NCLT’s order regarding their case and urged the appellate tribunal to instruct the NCLT to review pending applications from homebuyers…

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Magistrate Court to Hear ₹140 Crore Guruashish Fraud Case

MUMBAI: A special court has transferred the Rs 140 crore cheating and conspiracy case involving Guruashish Construction and its directors to the magistrate’s court. This decision comes after the CBI was unable to provide evidence implicating any public servants. Special judge B.Y. Phad stated, “Since no public servants are included as accused in the chargesheet, this special court lacks the necessary jurisdiction to proceed with the matter or acknowledge the IPC offences against private individuals independently, as none of them fall under the Prevention of Corruption Act.” The investigation into Guruashish Construction, along with Rakeshkumar Wadhwan, Sarang Wadhawan, and Housing…

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Creditors Approve Welspun-Ashdan for Lavasa Takeover, 92% Vote

MUMBAI: Creditors of Lavasa Corp have approved the Welspun-Ashdan consortium’s takeover of India’s first privately-owned hill town project, which faced administration due to overwhelming debt. Voting results released over the weekend indicate that the consortium, consisting of Welspun subsidiary Paschim Sagar Properties and Pune-based Ashdan Properties, received 92.21% of the votes, with the larger creditors, excluding homebuyers, supporting the plan. Another competitor, Valor Estate, secured 84.16% of the votes, primarily because Axis Bank, holding 8.89% of the debt, rejected the proposal, while ACRE ARC, with 6.54% of the debt, abstained from voting. These results come amid ongoing litigation in the…

Latest StoriesRegulatory

SC aids Supertech buyers, upholds NCLAT order for NBCC takeover

NEW DELHI: The Supreme Court has intervened to assist thousands of frustrated homebuyers who have waited nearly two decades for their dream homes. On Thursday, the court upheld an NCLAT directive for the state-owned NBCC to swiftly complete 16 housing projects by the financially troubled realty firm Supertech Limited. The court has prohibited all tribunals and high courts from issuing orders that could hinder construction efforts by the National Buildings Construction Corporation (NBCC) Limited. A bench, comprising Chief Justice Surya Kant and Justice Joymalya Bagchi, invoked its extraordinary powers under Article 142 of the Constitution, affirming the December 12, 2024,…

Latest StoriesRegulatory

SC Urges Delhi Court to Consider CBI Charges on Builders-Banks Nexus

NEW DELHI: The Supreme Court directed a special CBI court to take cognizance within two weeks of three chargesheets filed by the agency concerning the “unholy nexus” between banks and developers that has defrauded homebuyers in NCR, and to proceed with the trial. A bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul M Pancholi was informed by Additional Solicitor General Aishwarya Bhati, representing the CBI, that significant progress in investigating all 25 homebuyer cases would be achieved by March. Last July, the court permitted the CBI to initiate 22 cases regarding the nexus between banks and…

Latest StoriesRegulatory

Telangana HC Dismisses Union Bank’s Property Auction Appeal

HYDERABAD: The Telangana High Court has dismissed an appeal from Union Bank of India regarding the cancellation of an auction for a property owned by a city-based company undergoing liquidation. The court found that the bank had not adhered to proper legal procedures. A division bench, featuring Justices K. Lakshman and V. Ramakrishna Reddy, stated that while banks can recover funds through auctions, they must do so transparently and involve the official liquidator to ensure the property achieves the best possible sale price. The ruling came during the bank’s appeal against a March 2025 decision, in which a single judge…

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SC grants bail to ex-DHFL promoters in loan scam case

NEW DELHI: The Supreme Court has granted bail to former DHFL promoters Kapil Wadhawan and his brother Dheeraj, acknowledging that an undertrial should not be detained indefinitely in relation to a multi-crore bank loan scam. In a ruling on December 11, Justices J K Maheshwari and Vijay Bishnoi stated that prolonged incarceration without trial undermines Article 21, which safeguards the right to life and personal liberty. The court emphasized that under Indian law, “bail is the rule, and jail is the exception,” a principle fundamental to criminal jurisprudence. It added that pretrial imprisonment must not evolve into punitive action without…

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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…

Latest StoriesRegulatory

SC appoints ex-IB chief to probe Supertech insolvency case

Sure! Here’s a rewritten version of the content: The Supreme Court on Friday requested the insights of former Intelligence Bureau director and former National Human Rights Commission member Rajiv Jain regarding the insolvency proceedings of Supertech Realtors. This request follows a recent CBI report that accuses suspended director Ram Kishore Arora of misappropriating homebuyers’ funds in 21 projects. A Bench led by Justice Suryakant decided against staying the NCLAT’s August 13 ruling upholding the insolvency proceedings against Supertech Realtors. The Bench noted that every project associated with Arora is under investigation due to allegations of siphoning off significant amounts of…

Latest StoriesRegulatory

NCLT Declares Ex-DHFL Chairman Bankrupt Over ₹4,546 Crore

Sure! Here’s a rewritten version of the provided content: MUMBAI: The National Company Law Tribunal (NCLT) in Mumbai has declared Kapil Wadhawan, the former chairman of the now-defunct Dewan Housing Finance Corp (DHFL), bankrupt, following a petition filed by Union Bank of India to recover ₹4,546 crore. The bankruptcy order was passed on August 14 after Wadhawan did not submit a repayment plan, despite multiple attempts by resolution professionals. The tribunal appointed Sanjay Kumar Mishra as the bankruptcy trustee to oversee the proceedings. “The bankrupt (Wadhawan) must provide his statement of financial position to the Bankruptcy Trustee within seven days…