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.
Related News Articles
Snap Up Dirt Cheap European Real Estate, But Beware of the Hidden Catch
Explore the European housing market and discover the hidden drawbacks of rural decline in Sweden, Italy, and Germany
Metro Group Announces Rs 225 Crore Investment in Thane Housing Project
Mumbai, Oct 26 (PTI) Metro Group, a leading real estate developer, has announced a significant investment of Rs 225 crore in a new housing project in Thane. The company aims to create a premium residential complex that meets the growing demands of the loc
Shraddha Kapoor’s Luxurious Juhu Apartment: A Closer Look at Her Rs 6 Lakh Monthly Rental
Bollywood actress Shraddha Kapoor has reportedly rented a lavish apartment in Juhu, Mumbai, for a staggering Rs 6 lakh per month. The property spans 3,928.86 square feet and includes four parking spaces. Property documents accessed by Zapkey reveal the de
Gujarat CM Bhupendra Patel Launches Property Show GUJCON in Ahmedabad
Gujarat Chief Minister Bhupendra Patel inaugurates GUJCON Property Show, highlighting the need for affordable housing and green buildings. The event, organized by CREDAI, saw the launch of several initiatives to boost the real estate sector'
Mumbai Police Receive Threat to Target Deputy CM Eknath Shinde's Vehicle
Mumbai Police received threatening calls on Thursday morning, warning of an attempt to blow up the car of Maharashtra Deputy Chief Minister Eknath Shinde.
House of Abhinandan Lodha: Expanding Plotted Development in Real Estate
The House of Abhinandan Lodha is making significant strides in the plotted development sector, carving a niche in the competitive real estate market with innovative projects and a focus on customer satisfaction.