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

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code