Lenders of Lavasa cancel bankruptcy proceedings to invite fresh bids

01 Jun 2021 CW Team

Lenders of Lavasa Corporation have cancelled the ongoing bankruptcy proceedings as they did not receive good bids, according to the media.

According to a media report, the firm's lenders planned a new bidding process for its bankruptcy proceedings due to the lack of sufficient bids during the previous bidding.

The report said that the National Company Law Tribunal (NCLT) asked for consolidation of bankruptcy proceedings against all subsidiaries of HCC Ltd along with Lavasa Corporation, and hence fresh bids will be invited.

NCLT in 2018, had admitted a plea by operational creditors who sought the Corporate Insolvency Resolution Process (CIRP) against Lavasa Corporation under the Insolvency and Bankruptcy Code (IBC).

According to the report, lenders hold Rs 7,700 crore as bad debts in the company. Since the launch of IBC proceedings against the corporation, it has missed several deadlines set out in the statute.

In compliance with Maharashtra's government policies and legislation for new hill stations, Lavasa City was constructed as India's first privately built smart city.

The company has made a significant contribution to the transformation of Lavasa by expanding its infrastructure, which now includes more than 2,200 houses and villas, hotels, and a range of municipal facilities and services, including an international convention centre.

HCC told the media that the Ministry of Environment's notification to halt work on jurisdictional grounds rather than environmental violations had a severe impact on the project.

Image Source

Also read: DHFL resolution: NCLT asks lenders to consider Kapil Wadhawan’s offer

Also read: NPA woes: IFC partners with JC Flowers to help lenders

Infrastructure Transport

27 Jun 2026

Noida Airport Fuels NCR Realty Growth

The start of commercial operations at Noida International Airport has recently emerged as a major trigger for real estate growth across Noida, Greater Noida and the Yamuna Expressway region. The airport is expected to improve regional connectivity and support the next phase of development in eastern NCR.The airport, inaugurated on 28 March, has begun passenger services, while cargo operations are also expected to strengthen its role as an economic and logistics hub. Its operationalisation is expected to reduce dependence on Delhi’s Indira Gandhi International Airport for residents and busine..

thyssenkrupp and GlobalLogic Form AI Alliance

thyssenkrupp AG and GlobalLogic, a Hitachi Group company, have recently formed a strategic alliance to deploy autonomous robotics and Physical AI across heavy industry operations. The partnership aims to improve safety, reduce engineering bottlenecks and accelerate industrial transformation at scale.The alliance brings together thyssenkrupp’s industrial expertise with Hitachi’s innovation capabilities. It includes GlobalLogic, Method and Hitachi America R&D, creating a “Lab-to-Scale” pipeline that connects research, digital strategy, design and enterprise software engineering for i..

Platinum Corp Launches Luxury Suites in Santacruz

Platinum Corp has recently launched Platinum Stellar: Bespoke Presidential Suites, a premium residential project in Santacruz West, Mumbai. The development is positioned as a boutique luxury offering for homebuyers seeking expansive layouts, privacy and personalised living experiences.Located on Main Avenue, the project has been designed as a low-density, high-end residential address with spacious homes starting from 2,500 sq ft and extending to full-floor residences. The project targets HNIs, business owners and legacy residents from the Bandra-Khar-Santacruz belt.Platinum Stellar has been de..