Lavasa May Go For Liquidation

Lenders to Lavasa Corporation, a bankrupt hill city near Pune, have been left disappointed as none of the bidders for the company submitted a viable financial plan. The final bids were opened. There was not even Rs 5 crore upfront cash on the table. The auction was

BY Realty Plus
Published - Wednesday, 25 Nov, 2020

Lenders to Lavasa Corporation, a bankrupt hill city near Pune, have been left disappointed as none of the bidders for the company submitted a viable financial plan. The final bids were opened. There was not even Rs 5 crore upfront cash on the table. The auction was a total disaster. The banks will have to now consider sending the company for liquidation. A last-minute bid was made by Royal Partners, a Dubai-based fund, but this was not encouraging for the lenders as the fund had earlier backed out.