Debt

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CoC terminates Lavasa bankruptcy proceedings, will invite fresh bids

Business Standard Print Edition  

The lenders of Lavasa Corporation, a hillside township near Pune, have terminated bankruptcy proceedings against the company as they did not receive bids. The lenders, saddled with INR 7700 crore of bad debt in the company, will invite fresh bids. The National Company Law Tribunal (NCLT) has ordered the consolidation of bankruptcy proceedings against all subsidiaries along with Lavasa Corporation and hence, fresh bids will be called. Axis Bank has made the highest claim of INR 1,266 crore against the company.