Several firms, including Authum Investment & Infrastructure, Kotak Mahindra Group's Kotak Alternate Asset Managers (KAAM), and Pune-based EFC, have expressed initial interest in submitting resolution plans for Lavasa Corporation. Other bidders include Aurum Facility Management from Navi Mumbai and New Delhi-based Jindal India Powertech.

Following requests from additional parties, creditors have extended the deadline for expressions of interest to October 24. Meanwhile, creditors are also voting on a proposal to replace Deloitte-backed resolution professional (RP) Shailesh Verma with Udayraj Patwardhan, who will be supported by EY. The voting will conclude by the end of the week, according to documents accessed by *ET*.

A source close to the matter commented, “Though it is still early in the process and changes could occur, including the replacement of the RP, it is a positive development that the process has finally moved forward after multiple delays.”

Among the bidders, Authum, led by Sanjay Dangi, has previously taken control of Reliance Home Finance and Reliance Commercial Finance. DHFIN, another participant, recently partnered with Adani Power to acquire the 1,200 MW Coastal Energen power plant in Tamil Nadu. Kotak’s KAAM, meanwhile, manages and advises on alternate assets worth over Rs 450 billion.

Earlier this year, the Mumbai bench of the National Company Law Tribunal (NCLT) revived Lavasa Corporation’s insolvency process after Darwin Platform Infrastructure (DPIL) failed to execute the approved resolution plan. DPIL had pledged to pay Rs 1 billion upfront as part of a larger Rs 18.14 billion plan over eight years, which included repayments to lenders and the delivery of completed homes to 837 buyers. However, the court terminated DPIL’s involvement after it failed to justify the delay in payments, ending any further extensions for implementing the plan.

The Lavasa Corporation insolvency case, previously marred by delays, now shows signs of gaining momentum with these new bids.

(ET)