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

SBI's plea against Lavasa resolution 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.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code