SBI's Lavasa resolution plea accepted by NCLAT

30 Nov 2023 CW Team

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 years after creditors overwhelmingly approved the plan in December 2021 and several months after the NCLT granted its approval in July of the current year.

In the petition, the SBI sought to invalidate the NCLT order and argued that DPIL did not adhere to the waterfall mechanism outlined in the Insolvency and Bankruptcy Code (IBC). This mechanism does not recognise government dues as secured creditors. Representing the SBI, former Attorney General of India KK Venugopal requested condonation of the delay in filing the appeal.

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..