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)

Equipment

11 Dec 2025

Caterpillar Debuts Three New Cat Excavators at EXCON 2025

Caterpillar Inc., a global leader in construction and mining machinery, strengthened its commitment to India’s infrastructure growth with the debut of three new Cat® hydraulic excavators at EXCON 2025, held from December 9–13 at the Bangalore International Exhibition Centre. The new models—Cat 321, Cat 322 and Cat 324—mark a significant step forward in delivering efficient, digital-ready equipment tailored for India’s evolving construction needs.Designed to support sustainability and productivity on modern jobsites, the machines feature advanced powertrains and intelligent electrohy..

JK Tyre Expands OTR Lineup with Four New Launches at EXCON 2025

JK Tyre & Industries, one of India’s leading tyre manufacturers, introduced four new Off-the-Road (OTR) tyres at the 13th edition of CII EXCON 2025, South Asia’s largest construction equipment exhibition, underway at the Bangalore International Exhibition Centre. The latest additions strengthen the company’s OTR portfolio and reaffirm its focus on delivering advanced mobility solutions for construction, mining and industrial operations.The new tyres were unveiled by R Mukhopadhyay, Director (R&D), JK Tyre. Among the highlights was the debut of the SKY GRIP, a specialised tyre des..

ACE, Sanghvi Movers Ink MOU to Boost India-Made Heavy Crane Adoption

Action Construction Equipment (ACE), the world’s largest pick-and-carry crane manufacturer and a leading Indian construction equipment maker, has entered into a strategic Memorandum of Understanding with Sanghvi Movers, Asia’s largest and the world’s fifth-largest crane rental company. The partnership aims to accelerate the deployment of indigenously manufactured heavy slew cranes, particularly truck cranes and crawler cranes, across large-scale infrastructure and industrial projects in India.The alliance aligns strongly with the Government of India’s “Aatmanirbhar Bharat” and “M..