Lavasa creditors invoke DPIL's guarantee
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Lavasa creditors invoke DPIL's guarantee
Creditors to Lavasa Corp invoked the Rs.250 million performance bank guarantee (PGB) by Darwin Platform Infrastructure (DPIL), citing non-compliance of the corporate insolvency resolution process (CIRP) timeline.
This came nine months after the National Company Law Tribunal (NCLT) approved the transaction. Invocation of the guarantee means the monitoring committee to implement the plan has now been dissolved and the CIRP process has been halted, putting the decision on the future of the private hill town project back before the NCLT.
The lenders took a decision to invoke th..
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In a recent development, the National Company Law Appellate Tribunal (NCLAT) has rejected Union Bank's plea to oppose the bid by Darwin Platform Group for Lavasa Corporation. The tribunal's decision marks a significant legal hurdle for Union Bank, as it sought to challenge Darwin Platform Group's efforts to acquire Lavasa Corp. The details of the case suggest a complex legal battle over the acquisition, with Union Bank's attempt to block the bid facing rejection. This decision is expected to have implications for the ongoing corporate landscape and highlights the intricacies of regulatory proc..
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