Union Bank: The lender has sought withdrawal of NCLT approval alleging connivance between the resolution professional (RP) Shailesh Verma and the winning bidder to undervalue the real estate assets of Lavasa, resulting in a loss to creditors of the company.
"In spite of clear directions from this Tribunal to place the modified or fresh resolution plan before the consolidated CoC (committee of creditors) for their consideration, the respondent no 1 (Verma) with malafide intention and in connivance with the respondent 2 (DPIL) instead of placing the modified or fresh resolution plan and without taking into account valuation of assets of the debtor at that point of time, or February 2023," which the bank s petition said misrepresented facts.
The tech-based fintech firm, which also invests in commercial litigations and insolvent companies, said that the first-of-its-kind bonds are fixed-income instruments to finance the companies expenses undergoing Corporate Insolvency Resolution Process (CIRP).
Lavasa is located in the Mulshi valley of the Sahyadri ranges of the Western Ghats; spread over 20,000 acres, Lavasa was the first privately developed city