Tag: Welspun Group

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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…

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Lavasa’s Rebids Approved as Creditors Extend Timeline

Creditors of the financially troubled Lavasa Corporation have opted to prolong the resolution timeline, allowing bidders another opportunity to enhance their bids for the real estate project. This extension was prompted by Valor Estate, which submitted an improved proposal after the initial deadline, according to sources familiar with the situation. Lenders plan to reconvene on Friday to determine the new deadline for all bidders, likely extending it by two months from the original August 29 deadline, they indicated. “Following extensive discussions, the lenders have agreed that the Valor bid should be considered, necessitating another chance for other bidders to adjust…

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Yogayatan Group from Mumbai Raises Bid for Lavasa, Tops List

Representative image created by AI The Mumbai-based Yogayatan Group has placed the highest bid for the financially troubled Lavasa Corporation, raising its offer to ₹795 crore on a net present value (NPV) basis, up from ₹725 crore. After the initial bidding round earlier this month, bidders were given a chance to enhance their proposals. Yogayatan’s substantial increase in its bid surpasses Valor Estates’ offer of ₹771 crore, which did not change in the latest round. The third competitor, Welspun Group, also raised its bid to ₹785 crore on an NPV basis, up from ₹750 crore in the first round. “Currently,…