A bankruptcy court in Mumbai has allowed an extension of 90 days for the revival of Lavasa Corporation in an application filed by its resolution professional (RP).
The planned city project is undergoing a fresh Corporate Insolvency Resolution Process (CIRP) after the National Company Law Tribunal directed to restart the whole process after the successful bidder failed to implement the approved resolution plan within the timeline.
The company has admitted liabilities of over Rs 6,642 crore, while erstwhile successful bidder Darwin Platform Infrastructure had proposed to pay Rs 1,814 crore.
The company’s RP through its counsel informed the tribunal that substantial headway in the revival of Lavasa Corporation has already been made by…
