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In what appeared to be a landmark move, India introduced class action lawsuit through Section 245 of the Companies Act of 2013; but it has remained a purely theoretical concept for 11 long years. Are things beginning to change?
The Ram mandir at Ayodhya is expected to secure a massive electoral victory for the Bharatiya Janata Party (BJP)-led government, but things are not going so well for Ajay Harinath Singh, founder of the Darwin Platform group of companies, who claims lineage to the Ikshavaku clan and a single-line blood descendant of Bhagwan Ram's son, Lava.
Last year, the Darwin Platform group of companies, owned by 'Prince of Sultanpur' Ajay Harinath Singh, bought Lavasa, the picturesque hill station city in Maharashtra, through the bankruptcy resolution process for just Rs1,814 crore to be paid over eight years.
Union Bank: The lender has sought withdrawal of NCLT approval alleging connivance between the resolution professional (RP) Shailesh Verma and the winning bidder to undervalue the real estate assets of Lavasa, resulting in a loss to creditors of the company.
Sitting on the pretty Mulshi valley of the Sahyadri mountains in the Western Ghats, about 180 km away from Mumbai, Lavasa covers a massive area of 20,000 acres.