Authum, Kotak, others submit initial bids for Lavasa Corporation
Real Estate

Authum, Kotak, others submit initial bids for Lavasa Corporation

Several firms, including Authum Investment & Infrastructure, Kotak Mahindra Group's Kotak Alternate Asset Managers (KAAM), and Pune-based EFC, have expressed initial interest in submitting resolution plans for Lavasa Corporation. Other bidders include Aurum Facility Management from Navi Mumbai and New Delhi-based Jindal India Powertech.

Following requests from additional parties, creditors have extended the deadline for expressions of interest to October 24. Meanwhile, creditors are also voting on a proposal to replace Deloitte-backed resolution professional (RP) Shailesh Verma with Udayraj Patwardhan, who will be supported by EY. The voting will conclude by the end of the week, according to documents accessed by *ET*.

A source close to the matter commented, “Though it is still early in the process and changes could occur, including the replacement of the RP, it is a positive development that the process has finally moved forward after multiple delays.”

Among the bidders, Authum, led by Sanjay Dangi, has previously taken control of Reliance Home Finance and Reliance Commercial Finance. DHFIN, another participant, recently partnered with Adani Power to acquire the 1,200 MW Coastal Energen power plant in Tamil Nadu. Kotak’s KAAM, meanwhile, manages and advises on alternate assets worth over Rs 450 billion.

Earlier this year, the Mumbai bench of the National Company Law Tribunal (NCLT) revived Lavasa Corporation’s insolvency process after Darwin Platform Infrastructure (DPIL) failed to execute the approved resolution plan. DPIL had pledged to pay Rs 1 billion upfront as part of a larger Rs 18.14 billion plan over eight years, which included repayments to lenders and the delivery of completed homes to 837 buyers. However, the court terminated DPIL’s involvement after it failed to justify the delay in payments, ending any further extensions for implementing the plan.

The Lavasa Corporation insolvency case, previously marred by delays, now shows signs of gaining momentum with these new bids.

(ET)

Several firms, including Authum Investment & Infrastructure, Kotak Mahindra Group's Kotak Alternate Asset Managers (KAAM), and Pune-based EFC, have expressed initial interest in submitting resolution plans for Lavasa Corporation. Other bidders include Aurum Facility Management from Navi Mumbai and New Delhi-based Jindal India Powertech. Following requests from additional parties, creditors have extended the deadline for expressions of interest to October 24. Meanwhile, creditors are also voting on a proposal to replace Deloitte-backed resolution professional (RP) Shailesh Verma with Udayraj Patwardhan, who will be supported by EY. The voting will conclude by the end of the week, according to documents accessed by *ET*. A source close to the matter commented, “Though it is still early in the process and changes could occur, including the replacement of the RP, it is a positive development that the process has finally moved forward after multiple delays.” Among the bidders, Authum, led by Sanjay Dangi, has previously taken control of Reliance Home Finance and Reliance Commercial Finance. DHFIN, another participant, recently partnered with Adani Power to acquire the 1,200 MW Coastal Energen power plant in Tamil Nadu. Kotak’s KAAM, meanwhile, manages and advises on alternate assets worth over Rs 450 billion. Earlier this year, the Mumbai bench of the National Company Law Tribunal (NCLT) revived Lavasa Corporation’s insolvency process after Darwin Platform Infrastructure (DPIL) failed to execute the approved resolution plan. DPIL had pledged to pay Rs 1 billion upfront as part of a larger Rs 18.14 billion plan over eight years, which included repayments to lenders and the delivery of completed homes to 837 buyers. However, the court terminated DPIL’s involvement after it failed to justify the delay in payments, ending any further extensions for implementing the plan. The Lavasa Corporation insolvency case, previously marred by delays, now shows signs of gaining momentum with these new bids. (ET)

Related Stories

Gold Stories

Next Story
Real Estate

Anshul Singhal launches Vantrock with Rs 42 billion development plan

Real estate professional Anshul Singhal has launched Vantrock Real Assets Private Limited (VRAPL), a Mumbai-headquartered platform focused initially on warehousing, industrial and logistics parks. The company plans to develop approximately 11.5 million sq ft of assets, with an estimated gross development value (GDV) of Rs 42 billion (approximately USD 434 million) on completion.The first phase will cover around 3 million sq ft across the National Capital Region (NCR), Bengaluru and Pune, with an estimated development value of Rs 11 billion (approximately USD 113 million). Construction is sched..

Next Story
Infrastructure Transport

Afcons wins CII award for biodiversity management

Afcons Infrastructure has received the Confederation of Indian Industry (CII) National Award for Environmental Best Practices 2026 in the Biodiversity Management category for its work on the Mumbai-Ahmedabad High Speed Rail Project’s C-2 package.The award was presented at a ceremony in Chennai on 9 October 2026. It was received by Mihir Mishra, Vice-President, CPE, and Sumon Paul, Assistant General Manager, HSE, along with the Afcons team.The project adopted several resource recovery and waste management practices. These included recycling concrete washout waste to recover sand, aggregates a..

Next Story
Technology

Indian businesses lead globally in planned AI investment, says Autodesk

Indian organisations are moving towards deeper integration of artificial intelligence (AI), digital technologies and sustainability into business operations, according to Autodesk’s 2026 State of Design & Make report. The fourth edition of the annual study highlights growing AI adoption, measurable outcomes from digital transformation and the role of sustainability in long-term business growth.The report found that 64 per cent of Indian organisations are approaching or have achieved their current AI goals. While 88 per cent believe AI will enhance their industry, up from 78 per cent in 2..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code