NCLT orders restart of Lavasa insolvency process after plan failure

09 Sep 2024 CW Team

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved an application from secured creditors to restart the Corporate Insolvency Resolution Process (CIRP) for Lavasa Corporation. The decision came after Darwin Platform Infrastructure Ltd, the successful resolution applicant (SRA), failed to implement its approved resolution plan within the designated timeline.

The tribunal directed that the Committee of Creditors (CoC) exclude the period from July 13, 2021, to January 3, 2022, from the resolution process. Shailesh Verma has been restored as the resolution professional (RP) for the company.

Union Bank of India, representing the secured creditors, argued that Darwin Platform Infrastructure failed to make the required upfront payment of Rs 1 billion, raising concerns about its commitment to the plan. Lavasa Corporation has liabilities exceeding Rs 66.42 billion, with Darwin's resolution proposal offering to pay Rs 18.14 billion. The lenders also highlighted operational issues in Lavasa's township, including problems with security, sewage, and employee payments.

Lavasa, set up in 2000 by Ajit Gulabchand's HCC, was intended to be India's first privately developed city, but has faced numerous setbacks, including environmental violations and delayed payments to lenders. (ET)

Infrastructure Transport

16 Sep 2025

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..