# In the matter of Lavasa Corporataon Ltd. Warasgaon Asset Maintenance Ltd. & Dasve Convention Center Ltd. MA 3664-2019 in C.P.(IB)-1765, 1757 & 574-MB-2018

> NCLT judgment dated 2020-02-26. Citation: TCN-2020-NCLT-01808. The case involves an application for the consolidation of the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 26 Feb 2020
- **Citation:** TCN-2020-NCLT-01808
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lavasa-corporataon-ltd-warasgaon-asset-maintenance-ltd-dasve-convention-center-l-6e3bd6d8

## Summary

### Background

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 the admission of a company petition filed 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, was admitted against DCCL. The applicant seeks the consolidation of the CIRPs of LCL, WAML, and DCCL, along with the resolution of the debt of Warasgaon

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## Facts

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) is a wholly-owned subsidiary of LCL, managing transportation infrastructure. Dasve Convention Centre (DCCL) is also a 100% subsidiary of LCL, running the Dasve Convention Centre. Warasgaon Power Supply Limited (WPSL) and Dasve Retail Limited (DRL) are also wholly-owned subsidiaries. The CIRP of LCL commenced on August 30, 2018. The CIRP of WAML commenced on December 17, 2018. The CIRP of DCCL commenced on February 5, 2019. The entire financial debt of WAML, DCCL, DRL, and WPSL is guaranteed by LCL. The Committee of Creditors (CoC) of WAML supports consolidation. The Resolution

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Processes (CIRP) of Lavasa Corporation Limited (LCL) …

**Ratio:** The principle of consolidation in insolvency proceedings is applied to maximize the value

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**Reasoning:** The court reasoned that the lack of consolidation would defeat the objective of the Code,

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**Interpretation:** The interpretation of the Insolvency and Bankruptcy Code (IBC) emphasizes the

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**Application:** The court applied the principle of consolidation to the specific facts of the

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## Parties

- **Judges:** SUCHITRA KANUPARTH…; Chandra Bha…; +1 more
- **Appellants:** Axis Bank L…
- **Respondents:** Lavasa Corporation…; Deep…

## Timeline

- **2018-08-30 — CIRP Commenceme…**: The Corporate Insolvency Resolution Process (CIRP) of Lavasa Corporation Limited (LCL)…
- **2018-12-17 — CIRP Commencement of…**: The Corporate Insolvency Resolution Process (CIRP) of Warasgaon Assets Maintenance…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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