Final bids for Lavasa project last hope for residents

Lavasa residents eagerly look towards the final bids by two resolution applicants, hoping for a revival of the inordinately delayed residential hill station project.

The deadline to submit the bids was 14 September. Madhav Dhir and Darwin Platform Group are the two resolution applicants and offered a two-part payment system, offering the same upfront amount then phased disbursal of value in 3 to 7 years. The actual payment dues are nearly Rs 8,000 crore.

The Committee of Creditors (CoC) are to finalise the process through subsequent meetings by October. The Lavasa citizens told the media that they hoped for two bidders, allowing them to take over the project.

According to a citizen who sent a letter to the state government and Centre, said that the state government should also intervene. The citizens want to ensure that the project does not go into the liquidation process.

The hill station citizens wished that the bidder should agree with the lender's request and provide an unconditional plan for the project to be taken forward. With the first meeting of the CoC, a citizen said that there would be more meetings before selecting the final applicant.

In May, the citizens sent a letter to CM Uddhav Thackeray, mentioning that for 34 months, Lavasa did not approach the National Company Law Tribunal, but no decision has been taken for the project. The citizens also went to the Prime Minister's Office (PMO).

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Also read: Creditors of Lavasa township receive two new bidders