Creditors of Lavasa township receive two new bidders

12 Aug 2021 CW Team

Lavasa township, controlled by Hindustan Construction Company (HCC), has received two more bids for its Rs 6,000 crore loans outstanding in the third round of bidding for the debt-laden company.

According to the sources, two bids from Alchemist ARC, president of the company, Srishti Dhir, along with Madhav Dhir, and the Darwin Projects are being considered by the lenders. Srishti confirmed that she had bid in her capacity in association with Madhav.

The bid amount of Darwin Projects is Rs 750 crore, while Dhir’s have a bid amount of Rs 550 crore, and the bids are at 88% and 91%, respectively. The upfront cash offered by the bidders is less than Rs 100 crore, which is less attractive for the creditors.

The lead lender of the project is Union Bank of India (UBI), with an outstanding loan of Rs 600 crore. Other lenders are Bank of India, State Bank of India (SBI), Axis Bank, and Punjab National Bank. Creditors include L&T Finance along with asset reconstruction companies, Arcil, Acre, and Edelweiss.

In 2018, due to multiple pullbacks by the bidders, the lenders were frustrated because the account was taken to the National Company Law Tribunal (NCLT).

In November 2020, three bids were considered, including a Pune-based realty developer, Anirudh Deshpande, and a Dubai-based fund. Previously, Haldiram Snacks and Oberoi Realty pulled back due to Covid-19 uncertainties.

Dhir acknowledged the challenges of the project but has confidence that she can work with the company to clear the issue. Dhir also plans to launch a hotel in partnership with a renowned company.

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Also read: Lenders of Lavasa cancel bankruptcy proceedings to invite fresh bids

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