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 objections to Paschim Sagar Properties, a subsidiary of Welspun, which had sought to disqualify Valor’s bid under Section 29A of the Insolvency and Bankruptcy Code (IBC). Welspun had pointed to Valor’s previous defaults and alleged connections to the company’s promoters.
Valor’s lawyers indicated in the hearing that they intend to file an interlocutory application to address serious issues that have arisen during the Corporate Insolvency Resolution Process (CIRP). Earlier this week, the resolution professional permitted modifications to the financial proposals from Welspun-Ashdan but denied Valor’s request to update its resolution plan, which they claim is discriminatory and undermines a fair competitive environment,” said a source familiar with the proceedings.
The Valor application is expected to assert the company’s rightful opportunity to adjust its timeline as well. Valor did not respond to a request for comments. In response to an inquiry, the resolution professional stated, “All documents, filings, and records regarding the CIRP of the corporate debtor are confidential and cannot be disclosed publicly.”
