Bidders Raise Offers in Lavasa Corp's Third Round; Valor Estates Leads
In the third round of bidding for the debt-laden Lavasa Corp, all three bidders have increased their financial offers, with Valor Estates leading the race. The competition for this ambitious hill town project in Pune is intensifying, and the creditors have extended the timeline to thoroughly evaluate the revised bids.
Lavasa CorpReal EstateBiddingDebtladenResolution ProcessReal Estate PuneAug 20, 2025
The Welspun-Ashdan combine has also increased its bid to ₹845 crore from ₹776 crore on an NPV basis. This has placed the Mumbai-based Yogayatan Group at the third position with a total NPV of ₹830 crore, according to people familiar with the development.
Despite the increased bids, the Welspun consortium has scored higher than both the other bidders based on the evaluation matrix. 'All three bidders substantially increased their bids after they were given another chance. By the looks of it, this battle will now continue because bankers will have to thoroughly go through the bids,' said a person familiar with the details.
Creditors to the debt-laden Lavasa Corp had extended the timeline for the resolution process, giving bidders another chance to increase their bids for the real estate venture. This extension was forced after one of the bidders, Valor Estates, submitted an improved revised plan.
Last week, the Mumbai-based Yogayatan Group filed a petition in the National Company Law Tribunal (NCLT) opposing creditors' move to allow revised resolution plans for taking over the debt-laden Lavasa Corp. Yogayatan was opposed to calling for another round of bids because it had emerged as the highest bidder, with its offer of ₹795 crore on an NPV basis.
Despite its opposition, Yogayatan submitted a revised bid. 'This time, despite its opposition, Yogayatan submitted a revised bid. It remains to be seen whether it acts on its NCLT plea or prefers to improve its bid further because it does not look like we have seen the last of this story,' said another person aware of the details.
Any litigation at this stage is likely to delay the process. EY-backed resolution professional Udayraj Patwardhan and process advisor BoB Capital Markets did not reply to an email seeking comment.
Frequently Asked Questions
What is Lavasa Corp?
Lavasa Corp is a real estate venture that aimed to build the first hill town in Independent India. It is located in Pune and has faced financial difficulties, leading to a resolution process under the Insolvency and Bankruptcy Code (IBC).
Who are the three bidders for Lavasa Corp?
The three bidders for Lavasa Corp are Valor Estates, the Welspun-Ashdan combine, and the Mumbai-based Yogayatan Group.
What is the current highest bid for Lavasa Corp?
The current highest bid for Lavasa Corp is ₹946 crore on a net present value (NPV) basis, submitted by Valor Estates.
Why did the creditors extend the timeline for the resolution process?
The creditors extended the timeline to give bidders another chance to increase their bids for the real estate venture. This extension was forced after Valor Estates submitted an improved revised plan.
What is the potential impact of Yogayatan Group's NCLT petition?
The NCLT petition filed by Yogayatan Group could delay the resolution process if it leads to litigation. However, Yogayatan has also submitted a revised bid, indicating a willingness to continue in the bidding process.
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