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 firm has proposed a new bid of ₹806 crore based on NPV.
In response to this increased bid, lenders opted to allow all bidders a chance to revise their resolution plans earlier this month, prompting Yogayatan to challenge this lender decision in the NCLT.
Ameya Pratap Singh, managing director at Yogayatan, verified the company’s actions in a response to an **RealtyDailyNews** inquiry.
“Yogayatan Group has approached the NCLT with the aim of ensuring that the corporate insolvency resolution process (CIRP) for Lavasa is complete in a timely manner, and that the integrity of the process is not compromised to unfairly favor any party. It is our view that for any bidder to propose an increased bid after other financial offers have been publicly disclosed is questionable and legally unsound,” Singh stated in an email.
Udayraj Patwardhan, the EY-backed resolution professional, did not respond to a request for comment.
Yogayatan’s petition arises as lenders continue to struggle to finalize the resolution process that has persisted for seven years. Last year, they had to abandon a ₹1,814 crore plan approved in July 2023 from Darwin Platform Infrastructure (DPIL) after it failed to pay its required upfront amount on time.
Lenders have given bidders until next week to revise their resolution plans.
The bankruptcy of Lavasa in 2018 was prompted by environmental issues and the absence of essential government approvals. Even with the highest bid, the total recovery remains below 13% of the over ₹6,642 crore in dues, following more than seven years of challenges. The potential for new litigation may further delay the resolution of India’s first privately built and managed city.
