MUMBAI: Authum Investment & Infrastructure, a New Delhi-based Dickey Alternate Investment Trust (DHFIN group), Kotak Mahindra Group‘s Kotak Alternate Asset Managers (KAAM), Pune-based real estate advisory company EFC along with TCC, Navi Mumbai-based Aurum Facility Management and New Delhi-based Jindal India Powertech have expressed initial interest in submitting a resolution plan for Lavasa Corporation.
Creditors have extended the timeline to submit expressions of interest to October 24 after requests from three more parties.
Creditors have also put to vote a proposal to replace Deloitte-backed resolution professional (RP) Shailesh Verma with Udayraj Patwardhan who will be supported by EY. Voting is open till the end of the week, documents accessed by ET showed.
“These are initial interests received for the company but are very early days as there could be changes in the whole process with even the RP likely to be changed. But on the positive side, the process has finally begun after all the drama that happened before,” said a person familiar with the process.
Among the applicants, Authum backed by Sanjay Dangi has been successful in taking over Reliance Home Finance and Reliance Commercial Finance, while DHFIN earlier this year successfully partnered with Adani Power to takeover the 1,200 MW Coastal Energen power plant in Tamil Nadu. KAAM has aggregate alternate assets managed and advised at more than ₹45,000 crore.
Earlier this year, the Mumbai bench of the NCLT allowed the revival of the insolvency of Lavasa Corp, saying that the previous successful resolution applicant (SRA) Darwin Platform Infrastructure (DPIL) had failed to implement the approved resolution plan by paying the ₹100 crore upfront amount without any justifiable reasons and hence no purpose would be served by granting further time to SRA for implementation of the resolution plan.
DPIL’s final plan submitted in December 2021, and approved by the court last year, had envisaged a total payout of ₹1,814 crore over eight years, to lenders and for delivering fully constructed houses to 837 home buyers, at a haircut of about 79% to financial creditors.
