The National Company Law Tribunal has admitted a plea filed by operational creditors who initiated Corporate lnsolvency Resolution Process (CIRP) against Lavasa Corporation Limited under the lnsolvency and Bankruptcy Code 2016 (IBC).
NCLT has appointed Devendra Prasad as Interim Resolution Professional under the provisions of the IBC.
Lavasa Corporation Limited (Lavasa) is jointly held by Hindustan Construction Company Limited (68.7%), Avantha Group (17.18%), Venkateshwara Hatcheries (7.81%) and Vithal Maniar (6.29%).
"Lavasa is a very special urban development project and an initiative well ahead of its time.
While shareholders' interests have been sacrificed, we are hopeful that the pioneering efforts to grow Lavasa into a thriving smart city will now find stewardship in the hands of a new owner, enabled by NCLT. A swift resolution through IBC will benefit all stakeholders, especially customers, who have patiently supported Lavasa through this tumultuous period." said Arjun Dhawan, Director & Group CEO, HCC Limited.