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Union Bank: Creditors invoked a guarantee due to CIRP non-compliance, halting the Lavasa project. Legal battles continue as lenders lose confidence in the resolution applicant. NCLT and NCLAT petitions are pending, with DPIL seeking more time.
Creditors invoked a guarantee due to CIRP non-compliance, halting the Lavasa project. Legal battles continue as lenders lose confidence in the resolution applicant. NCLT and NCLAT petitions are pending, with DPIL seeking more time.
Even as increasingly affluent Indians desperately hunt for holiday destinations, Lavasa City, India’s first planned, private hill station lies in a shambles. Nestling in the majestic Western Ghats and styled on the lines of the Italian town of Portofino, the township is spread across 12,500 acres.
This is the second bank objection to the loan default resolution of Lavasa Corporation, billed as the first private hill town project to be built since Independence.
This is the second bank objection to the loan default resolution of Lavasa Corporation, billed as the first private hill town project to be built since Independence. It comes almost two years after creditors approved the plan overwhelmingly in December 2021 and months after the NCLT gave its nod in July this year.