"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.
A revised plan was submitted after the tribunal had directed lenders of Lavasa Corp to consider an equitable distribution of proceeds from the sale of the township developer and its two units to winning bidder Darwin Platform Infrastructure.
The Mumbai bench of the National Company Law Tribunal (NCLT) Friday approved a revised and improved resolution plan submitted by Darwin Platform Infrastructure for the revival of Lavasa Corp., which was formed to build Indias first modern hill town after Independence.
IBC in Real Estate - Poor Resolution Rates but Superior Value Maximisation - Report by property consultants ANAROCK and leading law firm, Khaitan & Co.
While real estate comprises just 5 per cent of all cases under Insolvency & Bankruptcy Code (IBC), its resolution rate is among the lowest.On the other hand, IBC has driven superior value realisation by financial creditors in real estate - .