NCLT Orders Fresh Start for Lavasa Corporation's Insolvency Process
Lavasa Corporation's insolvency process to restart after Darwin Platform Infrastructure Ltd fails to implement resolution plan
NcltLavasa CorporationInsolvency ProcessReal EstateDarwin Platform Infrastructure LtdReal Estate MumbaiSep 09, 2024
The NCLT emphasized the importance of reviving the Corporate Debtor, Lavasa Corporation, given the unique nature of the case and the significant interests of homebuyers and other stakeholders. The tribunal noted that any further delays could severely impact these stakeholders and potentially make a resolution impossible.
In its order, the NCLT stated that DPIL had
Frequently Asked Questions
What is the National Company Law Tribunal (NCLT)?
The National Company Law Tribunal (NCLT) is a quasi-judicial body that adjudicates on matters related to companies and corporate law in India.
What is the Corporate Insolvency Resolution Process (CIRP)?
The Corporate Insolvency Resolution Process (CIRP) is a process under the Insolvency and Bankruptcy Code (IBC) that aims to revive distressed companies by finding a resolution plan.
What is a Resolution Plan?
A Resolution Plan is a plan proposed by a Successful Resolution Applicant (SRA) to revive a distressed company. The plan is approved by the NCLT and implemented by the SRA.
Why did the NCLT order a fresh start for Lavasa Corporation's insolvency process?
The NCLT ordered a fresh start for Lavasa Corporation's insolvency process because the initially selected SRA, Darwin Platform Infrastructure Ltd, failed to implement its approved Resolution Plan within the stipulated timeline.
What is the impact of the NCLT's order on Lavasa Corporation's stakeholders?
The NCLT's order is expected to bring relief to Lavasa Corporation's stakeholders, including homebuyers, who have been waiting for a resolution.
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