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NCLAT Rejects Union Bank's Challenge to Darwin's Lavasa Bid
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..
SBI's Lavasa resolution plea accepted by NCLAT
The insolvency process of the bankrupt Lavasa Corporation took a different direction as the principal bench of the National Company Law Appellate Tribunal (NCLAT) granted permission to a State Bank of India (SBI) petition. The SBI petition aimed to overturn the lower court's approval of the resolution plan submitted by Darwin Platform Infrastructure (DPIL).
The development marks the second objection from a bank regarding the resolution of Lavasa Corporation's loan default, a project considered the first private hill town initiative since Independence. This objection arises nearly two ..
Darwin Platform wins for Lavasa Corporation resolution bid
Darwin Platform Infrastructure Limited (DPIL) has emerged as the winner for the financial bids for the resolution of the Lavasa Corporation, which is developing India's first privately-built smart city near Pune.
The Committee of Creditors (CoC) of the Lavasa Corporation Limited had voted in favour of the revised plan submitted by DPIL with an offer of Rs 1,814 crore in the final resolution plan. Ajit Gulabchand, Chairman of Hindustan Construction Company, promoted the Lavasa project admitted for insolvency to the National Company Law Tribunal (NCLT) in 2018. Last mon..
TVS Motor Unveils Electric Two-Wheeler
TVS Motor Company, a leading two-wheeler manufacturer in India, has unveiled its latest addition to the electric vehicle segment with the launch of the TVS iQube Electric in Bengaluru. This move marks the company's foray into the burgeoning electric vehicle market, aligning with the global shift towards sustainable mobility solutions.
The TVS iQube Electric promises to redefine urban commuting with its advanced technology and eco-friendly features. Boasting a sleek design and compact structure, the electric scooter is tailored to meet the evolving needs of urban commuters, offering a s..
Chinese EV Giant Leapmotor Eyes Indian Market
Chinese electric vehicle (EV) manufacturer Leapmotor is poised to make a significant entry into the Indian market in the third quarter of the 2024-25 fiscal year. With India rapidly transitioning towards electric mobility, Leapmotor's arrival could mark a pivotal moment in the country's automotive industry.
Leapmotor's decision to venture into India underscores the growing appeal of the country as a lucrative market for EV manufacturers worldwide. As one of the world's largest automotive markets, India presents immense opportunities for companies looking to capitalise on the increasing..
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