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.
As per the bankruptcy regulation, the lenders and the resolution professional are expected to complete the resolution process within a total of 270 days, failing which the Mumbai-based company will undergo mandatory liquidation.
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The ruling clarifies that the interim moratorium begins when the application is duly numbered by the tribunal, the Kerala High Court said. This order, along with the recent Supreme Court ruling on personal guarantees, would help creditors to exercise their rights.
The apex court said “it is well within the Committee of Creditors domain as to how to deal with the entire debt of the corporate debtor.” If after repeated negotiations, a resolution plan had been approved by the CoC with a majority vote of 88.56%, such commercial wisdom was not required to be called into question or casually interfered with, it added.