Construction firm HCC’s real estate firm Lavasa Corporation is undergoing Corporate Insolvency Resolution Process (CIRP) and it has been granted an extension of 90 days for its revival process by a bankruptcy court.
The planned city project entered CIRP following the directive from the National Company Law Tribunal (NCLT) to restart the entire process. This decision follows an application submitted by the Union Bank of India on behalf of secured creditors of Lavasa Corporation. The bank argued that the earlier successful resolution applicant, Darwin Platform Infrastructure Ltd, failed to execute the approved resolution plan within the required timeline, necessitating the revival of the resolution process.
Lavasa Corporation has declared…
