PUNE: Those who invested their hard-earned money in Lavasa are a worried lot, with the promoter of the scenic hill station facing insolvency proceedings.
In a filing with the Bombay Stock Exchange, real estate firm HCC said the National Company Law Tribunal has admitted a plea filed by creditors, who initiated the corporate insolvency resolution process against the debt-ridden Lavasa Corporation.
As per a case filed with Maharashtra Real Estate Regulatory Authority, about 15 investors have poured in Rs3-4 crore into the projects in the hill station. The actual number could be much higher.
Thursdays development and a subsequent internal mail circulated by Lavasa, gave the homebuyers hopeful of a refund a rude shock.
Had the o…
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