Authum, Kotak, others submit initial bids for Lavasa Corporation
Real Estate

Authum, Kotak, others submit initial bids for Lavasa Corporation

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)

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)

Next Story
Infrastructure Urban

Allcargo Gati Strengthens Doddaballapura’s Industrial Growth

Doddaballapura, once renowned for its silk sarees, has evolved into a major industrial hub, housing an Apparel Park and diverse manufacturing units producing textiles, paints, and machinery. The region’s strategic location and robust infrastructure have attracted national and international companies, boosting Karnataka’s economy.For the past four years, Allcargo Gati has been a key logistics partner, ensuring efficient distribution of goods across India. With a structured supply chain strategy—65 per ent to the north, 15-20 per cent west, 10-15 per cent east, and 5 per cent south—the c..

Next Story
Infrastructure Transport

Kolkata Metro to Suspend Green Line Services on March 8-9

The Kolkata Metro Railway has announced a complete traffic block on the East West Metro Corridor (Green Line) on March 8 and 9 for testing the Communication-Based Train Control (CBTC) system. Services will also be partially disrupted on the evening of March 7 and the morning of March 10. The Green Line, India’s first underwater metro tunnel and home to the country’s deepest metro shaft, runs from Howrah Maidan to Salt Lake Sector V. This line’s first phase was inaugurated in 2020 by then Railway Minister Piyush Goyal. Additionally, the Kolkata Metro recently introduced a paper ..

Next Story
Infrastructure Urban

India and Nepal Sign MoU to Strengthen WASH Sector Cooperation

India and Nepal signed a Memorandum of Understanding (MoU) on March 3, 2025, to enhance cooperation in the Water, Sanitation, and Hygiene (WASH) sector, including waste management. The signing ceremony took place at Sushma Swaraj Bhawan in New Delhi, attended by India’s Union Minister of Jal Shakti, CR Patil, and Nepal’s Minister of Water Supply, Pradeep Yadav. The agreement aims to foster collaboration between the two countries to improve access to clean drinking water and sanitation. It outlines key areas of cooperation such as capacity-building programs for Nepali personnel, techno..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?