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Time of India
15 hours ago
- Business
- Time of India
All Lavasa suitors raise offers in third round; Valor Estates leads
Mumbai: All three bidders have increased their financial offers for the debt-laden Lavasa Corp in the third round of bidding, intensifying competition for what was initially billed as the first hill town to be built in Independent India. Valor Estates has substantially upped its bid to ₹946 crore on a net present value (NPV) basis, putting it ahead of the other two bidders. The Welspun-Ashdan combine has increased also its bid to ₹845 crore from ₹776 crore on a NPV basis earlier which has put the Mumbai based Yogayatan Group at number three on a NPV basis with a total NPV of ₹830 crore, people familiar with the development said. Meanwhile, based on the evaluation matrix, Welspun consortium has scored higher than both the other bidders. "All three bidders substantially increased their bids after they were given another chance. By the looks of it this battle will now continue because bankers will have to thoroughly go through the bids," said a person familiar with the details. Creditors to the debt-laden Lavasa Corp had extended the timeline for the resolution process, giving bidders another chance to increase their bids for the real estate venture, ET had reported in its August 7 edition. The extension was forced after one of the bidders, Valor Estates, submitted an improved revised plan. Live Events Last week, Mumbai based Yogayatan Group filed a petition in the National Company Law Tribunal (NCLT) opposing creditors' move to allow revised resolution plans for taking over the debt-laden Lavasa Corp. Yogayatan was opposed to calling for another round of bids because it had emerged as the highest bidder, with its offer of ₹795 crore on a NPV basis. "This time, despite its opposition, Yogayatan submitted a revised bid. It remains to be seen whether it acts on its NCLT plea or prefers to improve its bid further because it does not look like we have seen the last of this story," said another person aware of the details. Any litigation at this stage is likely to delay the process. EY-backed resolution professional Udayraj Patwardhan and process advisor BoB Capital Markets did not reply to an email seeking comment.
Economic Times
7 days ago
- Business
- Economic Times
Yogayatan knocks on NCLT's doors over lenders' decision to allow revised bids for Lavasa
Synopsis Yogayatan Group has filed a petition with the NCLT, opposing the lenders' decision to allow revised resolution plans for Lavasa Corp after Yogayatan emerged as the highest bidder. The company fears that Valor Estates' increased bid after the initial offers were opened could compromise the integrity and timeline of the CIRP process. Environmental issues and lack of crucial clearances by the government forced Lavasa's bankruptcy in 2018. Mumbai-based Yogayatan Group has filed a petition in the National Company Law Tribunal (NCLT) opposing creditors' move to allow revised resolution plans for taking over the debt-laden Lavasa reported by ET in its August 1 edition, Yogayatan had emerged as the highest bidder with its bid of Rs 795 crore on a net present value (NPV) basis after bidders had been given an opportunity to improve their offers after the first round of bidding last month. But after the bids were opened, Valor Estates, formerly DB Realty, which had not placed a revised bid, said it wanted to now increase its bid. The Mumbai-based company has offered to increase its bid to Rs 806 crore on an NPV this higher bid, lenders decided to give all bidders a chance to revise their resolution plans earlier this month. Yogayatan's NCLT plea is against this decision by managing director Ameya Pratap Singh confirmed his company's move in response to an ET query. "Yogayatan Group has approached the NCLT with the intention that the CIRP (corporate insolvency resolution process) of Lavasa is completed in a time-bound manner and the sanctity of the process is not vitiated to unfairly favour any party. For any bidder to offer to increase its bid after the financial offer of other bidders has been publicly disclosed is, in our opinion, dubious and legally untenable," Singh said in an email resolution professional Udayraj Patwardhan did not reply to an email seeking plea comes as lenders struggle to close the seven-year-old resolution process. Last year, lenders had to pull the plug on a Rs 1,814 crore plan approved in July 2023 from Darwin Platform Infrastructure (DPIL) after that company failed to pay its committed upfront amount in the specified have given bidders time till next week to revise their resolution issues and lack of crucial clearances by the government forced Lavasa's bankruptcy in 2018. Even at the highest bid, the total recovery is less than 13% of dues of over Rs 6,642 crore, after more than seven years of struggle. The new threat of litigation may delay resolution for India's first privately built and managed city.
Time of India
7 days ago
- Business
- Time of India
Yogayatan knocks on NCLT's doors over lenders' decision to allow revised bids for Lavasa
Mumbai-based Yogayatan Group has filed a petition in the National Company Law Tribunal ( NCLT ) opposing creditors' move to allow revised resolution plans for taking over the debt-laden Lavasa Corp. Independence Day 2025 Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji gave India its own currency Swadeshi 2.0: India is no longer just a market, it's a maker As reported by ET in its August 1 edition, Yogayatan had emerged as the highest bidder with its bid of Rs 795 crore on a net present value (NPV) basis after bidders had been given an opportunity to improve their offers after the first round of bidding last month. But after the bids were opened, Valor Estates, formerly DB Realty, which had not placed a revised bid, said it wanted to now increase its bid. The Mumbai-based company has offered to increase its bid to Rs 806 crore on an NPV basis. Following this higher bid, lenders decided to give all bidders a chance to revise their resolution plans earlier this month. Yogayatan's NCLT plea is against this decision by lenders. Yogayatan managing director Ameya Pratap Singh confirmed his company's move in response to an ET query. "Yogayatan Group has approached the NCLT with the intention that the CIRP (corporate insolvency resolution process) of Lavasa is completed in a time-bound manner and the sanctity of the process is not vitiated to unfairly favour any party. For any bidder to offer to increase its bid after the financial offer of other bidders has been publicly disclosed is, in our opinion, dubious and legally untenable," Singh said in an email reply. EY-backed resolution professional Udayraj Patwardhan did not reply to an email seeking comment. Yogayatan's plea comes as lenders struggle to close the seven-year-old resolution process. Last year, lenders had to pull the plug on a Rs 1,814 crore plan approved in July 2023 from Darwin Platform Infrastructure (DPIL) after that company failed to pay its committed upfront amount in the specified timeframe. Lenders have given bidders time till next week to revise their resolution plans. Environmental issues and lack of crucial clearances by the government forced Lavasa's bankruptcy in 2018. Even at the highest bid, the total recovery is less than 13% of dues of over Rs 6,642 crore, after more than seven years of struggle. The new threat of litigation may delay resolution for India's first privately built and managed city.
Time of India
31-07-2025
- Business
- Time of India
Mumbai-based Yogayatan Group raises bid for Lavasa, emerges as top bidder
Mumbai based Yogayatan Group has emerged as the highest bidder for the debt laden Lavasa Corporation increasing its bid to Rs 795 crore on a net present value (NPV) basis from Rs 725 crore previously. Bidders had been given an opportunity to improve their bids after the first round of bidding earlier this month. Yogayatan's sharp increase in bid means that it has surpassed Valor Estates ' offer of Rs 771 crore. Valor, formerly DB Realty, did not increase its bid in the latest round. The third bidder in the fray, Welspun Group also increased its bid to Rs 785 crore on a NPV basis from Rs 750 crore in the first round. Explore courses from Top Institutes in Please select course: Select a Course Category Technology PGDM Degree Operations Management Artificial Intelligence Management Finance CXO Public Policy Design Thinking Others others MCA Data Analytics Cybersecurity Healthcare Digital Marketing Project Management MBA Product Management Data Science healthcare Data Science Leadership Skills you'll gain: Duration: 12 Weeks MIT xPRO CERT-MIT XPRO Building AI Prod India Starts on undefined Get Details 'At this stage Yogayatan has moved ahead. But in a surprising turn of events late on Thursday Valor said it wants to now up its bid. The committee of creditors will meet on Friday to decide what to do now,' said a person aware of the details. All the plan timelines are as long as five years with bidders staggering payments in the later part of the resolution plans to deal with uncertainties. Late evening queries to EY-backed resolution professional Udayraj Patwardhan , did not receive a response. Individual bidders could not be reached. Lavasa was promoted as India's first privately built and managed city at the turn of the century, targeting rich urban natives from Mumbai and Pune wanting to escape the noise and pollution of their cities. Modelled after the Italian fishing village, Portofino, it was planned like a gated city with space for a golf course, rowing and even a football academy. However, it went bust and was admitted to bankruptcy in 2018. Live Events Lenders are grappling with a complex resolution including land titles, pending regulatory approvals, and environmental concerns in the second major attempt to resolve Lavasa's insolvency, after previous bids, including a Rs 1,814 crore plan approved in July 2023 from Darwin Platform Infrastructure (DPIL), failed due to non-payment of the upfront amount. Economic Times WhatsApp channel )
