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.

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