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

17 Oct 2025

Sonowal Unveils Eight Projects at NMPA’s Golden Jubilee

Union Minister for Ports, Shipping and Waterways, Shri Sarbananda Sonowal, inaugurated the Curtain Raiser Ceremony of the Golden Jubilee Celebrations of the New Mangalore Port Authority (NMPA) at Bharat Mandapam. To commemorate the milestone, he unveiled eight major maritime infrastructure projects designed to strengthen India’s port network, enhance logistics performance, and promote sustainability. These include a modern cruise terminal, new covered storage facilities, a 150-bed multi-speciality hospital, expanded truck terminals, and improved port access infrastructure aimed at enhancing..

India To Boost US LPG Imports, Cut Middle East Reliance

India is planning to reduce imports of liquefied petroleum gas (LPG) from the Middle East as state-owned refiners prepare to ramp up purchases from the United States, according to sources familiar with the matter. The move aligns with New Delhi’s efforts to expand energy cooperation and secure a broader trade deal with Washington. State refiners have already notified their traditional LPG suppliers in Saudi Arabia, the United Arab Emirates, Kuwait and Qatar of the potential reduction in imports. Although the exact size of the supply cut was not disclosed, earlier reports suggested that Indi..

UK Sanctions Nayara Energy in Crackdown on Russian Oil

The United Kingdom has announced fresh sanctions on 90 entities, including Indian refiner Nayara Energy Limited, in its latest bid to curb Russian oil revenues and weaken President Vladimir Putin’s war funding. The sanctions, unveiled jointly by the Foreign, Commonwealth and Development Office (FCDO) and the UK Treasury, aim to disrupt networks supporting Moscow’s crude exports amid the ongoing war in Ukraine. According to the FCDO, the new restrictions are intended to “strike at the heart of Putin’s war funding” by targeting firms and assets that enable Russia’s energy trade. “..