This is an application filed by 368 homebuyers against the resolution plan of Lavasa Corporation Ltd., alleging misconduct in the Corporate Insolvency Resolution Process (CIRP) and mistreatment of homebuyers as creditors. The corporate debtor, Lavasa Corporation Ltd., was admitted into CIRP on August 30, 2018, following an application by Raj Infrastructure Development (India) Private Ltd. The CIRP was consolidated with four subsidiaries, forming a Consolidated Committee of Creditors (CoC). The CoC approved a resolution plan by Darwin Platform Infrastructure Limited on November 20, 2021, with a 96.41% majority vote. The homebuyers challenged the plan on seven grounds, including concerns about liquidation value, environmental clearances, payment terms, and the voting
…Raj Infrastructure Development (India) Private Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the admission of Lavasa Corporation Ltd. into CIRP on August 30, 2018. The CIRP was consolidated with four subsidiaries, and a Consolidated Committee of Creditors (CoC) was formed. The CoC approved a resolution plan proposed by Darwin Platform Infrastructure Limited on November 20, 2021, with a 96.41% majority vote. 368 Homebuyers filed an application against the resolution plan, alleging misconduct and mistreatment. The homebuyers argued that the liquidation value was not disclosed, environmental clearances were lacking, payment terms were indeterminate, and the voting process was flawed. The Resolution Professional (RP)
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Lavasa Corporation Ltd. was admitted into…
Order was issued to constitute a Consolidated…
This is an application filed by 368 homebuyers against the resolution plan of Lavasa Corporation Ltd., alleging misconduct in the Corporate Insolvency Resolution Process (CIRP) and mistreatment of homebuyers as creditors. The corporate debtor, Lavasa Corporation Ltd., was admitted into CIRP on August 30, 2018, following an application by Raj Infrastructure Development (India) Private Ltd. The CIRP was consolidated with four subsidiaries, forming a Consolidated Committee of Creditors (CoC). The CoC approved a resolution plan by Darwin Platform Infrastructure Limited on November 20, 2021, with a 96.41% majority vote. The homebuyers challenged the plan on seven grounds, including concerns about liquidation value, environmental clearances, payment terms, and the voting
…Raj Infrastructure Development (India) Private Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the admission of Lavasa Corporation Ltd. into CIRP on August 30, 2018. The CIRP was consolidated with four subsidiaries, and a Consolidated Committee of Creditors (CoC) was formed. The CoC approved a resolution plan proposed by Darwin Platform Infrastructure Limited on November 20, 2021, with a 96.41% majority vote. 368 Homebuyers filed an application against the resolution plan, alleging misconduct and mistreatment. The homebuyers argued that the liquidation value was not disclosed, environmental clearances were lacking, payment terms were indeterminate, and the voting process was flawed. The Resolution Professional (RP)
…Lavasa Corporation Ltd. was admitted into…
Order was issued to constitute a Consolidated…