A bankruptcy court Friday allowed an application filed by the secured creditors of the Lavasa Corporation to restart a Corporate Insolvency Resolution Process (CIRP) for the company. The Mumbai bench of the National Company Law Tribunal (NCLT), while directing the revival process to be re-initiated, also directed the Committee of Creditors (CoC) to exclude the period from July 13, 2021, to January 3, 2022, from the resolution process. The tribunal has also restored Shailesh Verma as the resolution professional (RP) of the company.
The tribunal’s order came in an application filed by the Union Bank of India, a secured creditor of the Lavasa Corporation on behalf of the secured creditors of the company, that sought to restore the…
