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)

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