The case involves an application for the consolidation of the Corporate Insolvency Resolution Processes (CIRP) of Lavasa Corporation Limited (LCL) and its wholly-owned subsidiaries, Warasgaon Assets Maintenance Limited (WAML) and Dasve Convention Centre (DCCL). The CIRP of LCL was initiated following a petition by Raj Infrastructure Development (India) Private Limited. Subsequently, another petition by the same operational creditor was admitted against WAML. A petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Highbrow Audio Visual Services Private Limited, led to the admission of DCCL into CIRP. The applicant seeks the consolidation of these CIRPs to facilitate a comprehensive resolution plan for the entire group, considering the
…Lavasa Corporation Limited (LCL) is a company incorporated under the Companies Act 1956, developing a hill station in Maharashtra with 49 subsidiaries. Warasgaon Assets Maintenance Limited (WAML) and Dasve Convention Centre (DCCL) are wholly-owned subsidiaries of LCL. The Corporate Insolvency Resolution Process (CIRP) was initiated against LCL based on a petition by Raj Infrastructure Development (India) Private Limited. Subsequently, CIRP was initiated against WAML and DCCL. LCL provided corporate guarantees for the debts of its subsidiaries. The Resolution Professional of LCL proposed that the resolution applicants wanted the entire group debt to be extinguished as a precondition for submitting resolution plans. WAML manages the infrastructure of LCL, and its lenders
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The Corporate Insolvency Resolution Process…
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The case involves an application for the consolidation of the Corporate Insolvency Resolution Processes (CIRP) of Lavasa Corporation Limited (LCL) and its wholly-owned subsidiaries, Warasgaon Assets Maintenance Limited (WAML) and Dasve Convention Centre (DCCL). The CIRP of LCL was initiated following a petition by Raj Infrastructure Development (India) Private Limited. Subsequently, another petition by the same operational creditor was admitted against WAML. A petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Highbrow Audio Visual Services Private Limited, led to the admission of DCCL into CIRP. The applicant seeks the consolidation of these CIRPs to facilitate a comprehensive resolution plan for the entire group, considering the
…Lavasa Corporation Limited (LCL) is a company incorporated under the Companies Act 1956, developing a hill station in Maharashtra with 49 subsidiaries. Warasgaon Assets Maintenance Limited (WAML) and Dasve Convention Centre (DCCL) are wholly-owned subsidiaries of LCL. The Corporate Insolvency Resolution Process (CIRP) was initiated against LCL based on a petition by Raj Infrastructure Development (India) Private Limited. Subsequently, CIRP was initiated against WAML and DCCL. LCL provided corporate guarantees for the debts of its subsidiaries. The Resolution Professional of LCL proposed that the resolution applicants wanted the entire group debt to be extinguished as a precondition for submitting resolution plans. WAML manages the infrastructure of LCL, and its lenders
…The Corporate Insolvency Resolution Process…
The Expression of…