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)

Next Story
Infrastructure Transport

Mumbai-Ahmedabad Bullet Train Set to Launch by 2028

India’s first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India’s infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..

Next Story
Infrastructure Transport

Mumbai-Gandhinagar Train Service Enhances Passenger Capacity

The Mumbai Central–Gandhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India’s busiest business corridors. This upgrade, effective from 11 May, raised the train’s seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai–Ahmedabad–Gandhinagar route, which regularly operates at over 150 percent seat occupancy...

Next Story
Infrastructure Urban

Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently

Delhi’s ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river’s health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?