Construction firm HCC‘s real estate firm Lavasa Corporation will face insolvency proceedings with the NCLT on August 30 admitting plea of lenders of the debt-ridden realty firm. Lavasa Corporation is developing a hill city ‘Lavasa’ near Pune in Maharashtra.
In a filing to the BSE, the HCC today said that the National Company Law Tribunal (NCLT) has admitted a plea filed by operational creditors who initiated Corporate Insolvency Resolution Process (CIRP) against Lavasa Corporation under the lnsolvency and Bankruptcy Code.
NCLT appointed Devendra Prasad as Interim Resolution Professional (IRP).
Lavasa Corporation Ltd is promoted by Hindustan Construction Company with 68.7 percent stake. Avantha Group has 17.18 percent…
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