Final bids for Lavasa project last hope for residents
Real Estate

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).

Image Source


Also read: Creditors of Lavasa township receive two new bidders

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). Image SourceAlso read: Creditors of Lavasa township receive two new bidders

Next Story
Infrastructure Energy

NARCL Sells Rs 37.63 Billion of Wind World Debt to Omkara ARC

The National Asset Reconstruction Company Limited (NARCL) has successfully sold Rs 37.63 billion of Wind World’s outstanding debt, marking a significant step in managing stressed assets within India’s renewable energy sector. The transaction forms part of wider efforts to resolve non-performing loans and bolster financial stability in the industry.Omkara ARC emerged as the anchor bidder in the deal, demonstrating strong investor interest in renewable energy debt. Anchor bidders play a vital role in ensuring successful debt resolution and attracting participation from other investors in suc..

Next Story
Infrastructure Energy

Madhya Pradesh Targets 50 Per Cent Power From Renewable Sources

Madhya Pradesh is ramping up its green energy generation, aiming for renewable sources to account for 50 per cent of the state’s total power consumption, a senior official has announced.“Renewable energy cannot be ignored. Solar power is now a viable option, and we are committed to significantly enhancing green energy generation in Madhya Pradesh, targeting 50 per cent of total power consumption from renewable sources,” said Manu Srivastava, Additional Chief Secretary of Madhya Pradesh Urja Vikas Nigam, on Friday.Speaking at the inaugural session of the 8th GRIHA Regional Conclave in Bho..

Next Story
Infrastructure Transport

High-Speed Expressway to Cut Ayodhya–Varanasi Travel to Two Hours

Travel between Ayodhya and Varanasi is set to become faster and more convenient, as the National Highways Authority of India (NHAI) begins planning a nearly 200-km high-speed access-controlled expressway connecting the two cities. The tender process has been initiated to prepare the Detailed Project Report (DPR) for the project.Former MP Lallu Singh stated, “Upon completion, the distance from Ayodhya to Kashi can be covered in just two hours.” He added, “The expressway will connect to the Purvanchal Expressway, further enhancing connectivity from Ayodhya to Delhi.”The Ministry of Road ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?