SBI's Lavasa resolution plea accepted by NCLAT
ECONOMY & POLICY

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 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.

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.

Next Story
Resources

Skyview by Empyrean is Making Benchmarks in the Indian Ropeway Industry

FIL Industries Private Limited, the parent company of Empyrean Skyview Projects that pioneered ropeway mobility solutions in India with Jammu’s Skyview Gondola, is currently developing the Dehradun-Mussoorie ropeway and is on track to complete Phase I by September 2026. The ropeway is set to be India’s longest passenger aerial monocable covering 5.8 km between the foothills of Dehradun in Purkulgam and MDDA taxi stand in the hills of Mussoorie in just under 20 minutes. The firm pioneered green mobility solutions in India with the development of the flagship Skyview Gondola in Jam..

Next Story
Technology

Creativity is for Humans, Productivity is for Robots!

On most construction sites, the rhythm of progress is measured by the clang of steel, the hum of machinery and the sweat of thousands. But increasingly, new sounds are entering the mix: the quiet efficiency of algorithms, the hum of drones overhead, and the precision of robotic arms at work. Behind the concrete and cables, an invisible force is taking hold: data. It is turning blueprints into living simulations, managing fleets of machines, and helping engineers make decisions before a single brick is laid. This is not the construction of tomorrow; it is the architecture of today – built on ..

Next Story
Infrastructure Urban

Bhartiya Urban Unveils ‘Bhartiya Converge’ GCC Enablement Platform

Bhartiya Urban has launched Bhartiya Converge, its latest business venture designed to become India’s premier platform for enabling Global Capability Centres (GCCs). The initiative offers an integrated ecosystem aimed at helping global clients gain a competitive edge in today’s rapidly evolving business environment. Focused on enhancing turnaround time and operational efficiencies, the company seeks to deliver better business outcomes powered by top-tier talent. Bhartiya Converge presents a customised and integrated suite of microservices that addresses the nuanced and evolving operational..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?