Creditors of Lavasa township receive two new bidders
12 Aug 2021
2 Min Read
CW Team
Lavasa township, controlled by Hindustan Construction Company (HCC), has received two more bids for its Rs 6,000 crore loans outstanding in the third round of bidding for the debt-laden company.
According to the sources, two bids from Alchemist ARC, president of the company, Srishti Dhir, along with Madhav Dhir, and the Darwin Projects are being considered by the lenders. Srishti confirmed that she had bid in her capacity in association with Madhav.
The bid amount of Darwin Projects is Rs 750 crore, while Dhir鈥檚 have a bid amount of Rs 550 crore, and the bids are at 88% and 91%, respectively. The upfront cash offered by the bidders is less than Rs 100 crore, which is less attractive for the creditors.
The lead lender of the project is Union Bank of India (UBI), with an outstanding loan of Rs 600 crore. Other lenders are Bank of India, State Bank of India (SBI), Axis Bank, and Punjab National Bank. Creditors include L&T Finance along with asset reconstruction companies, Arcil, Acre, and Edelweiss.
In 2018, due to multiple pullbacks by the bidders, the lenders were frustrated because the account was taken to the National Company Law Tribunal (NCLT).
In November 2020, three bids were considered, including a Pune-based realty developer, Anirudh Deshpande, and a Dubai-based fund. Previously, Haldiram Snacks and Oberoi Realty pulled back due to Covid-19 uncertainties.
Dhir acknowledged the challenges of the project but has confidence that she can work with the company to clear the issue. Dhir also plans to launch a hotel in partnership with a renowned company.
Also read: Lenders of Lavasa cancel bankruptcy proceedings to invite fresh bids
Lavasa township, controlled by Hindustan Construction Company (HCC), has received two more bids for its Rs 6,000 crore loans outstanding in the third round of bidding for the debt-laden company.
According to the sources, two bids from Alchemist ARC, president of the company, Srishti Dhir, along with Madhav Dhir, and the Darwin Projects are being considered by the lenders. Srishti confirmed that she had bid in her capacity in association with Madhav.
The bid amount of Darwin Projects is Rs 750 crore, while Dhir鈥檚 have a bid amount of Rs 550 crore, and the bids are at 88% and 91%, respectively. The upfront cash offered by the bidders is less than Rs 100 crore, which is less attractive for the creditors.
The lead lender of the project is Union Bank of India (UBI), with an outstanding loan of Rs 600 crore. Other lenders are Bank of India, State Bank of India (SBI), Axis Bank, and Punjab National Bank. Creditors include L&T Finance along with asset reconstruction companies, Arcil, Acre, and Edelweiss.
In 2018, due to multiple pullbacks by the bidders, the lenders were frustrated because the account was taken to the National Company Law Tribunal (NCLT).
In November 2020, three bids were considered, including a Pune-based realty developer, Anirudh Deshpande, and a Dubai-based fund. Previously, Haldiram Snacks and Oberoi Realty pulled back due to Covid-19 uncertainties.
Dhir acknowledged the challenges of the project but has confidence that she can work with the company to clear the issue. Dhir also plans to launch a hotel in partnership with a renowned company.
Image Source
Also read: Lenders of Lavasa cancel bankruptcy proceedings to invite fresh bids
Next Story
Cushman & Wakefield Names Sona Aggarwal as APAC Retail Lead
Cushman & Wakefield, a global real estate services firm, has announced the appointment of Sona Aggarwal as Managing Director, Head of Retail Sales and Strategy, Asia Pacific. Based in Singapore, Sona joins at a pivotal time as the firm scales up its regional retail platform, aiming to deliver global expertise to clients across Asia Pacific (APAC) and beyond. With over 25 years of experience in global brand management and retail operations, Sona has led the launch and operations of more than 200 stores across APAC, managing cross-border teams of over 1,300 people. Her deep understandin..
Next Story
CommScope Launches CableGuide 360 and Enhanced FiberREACH Solutions
CommScope, a global leader in network connectivity, has introduced two new solutions under its SYSTIMAX庐 2.0 portfolio鈥攖he enhanced FiberREACH鈩� solution and the new CableGuide 360鈩� platform. These solutions aim to help enterprises extend power and connectivity to the network edge while simplifying high-density cable management. Previously known as the Powered Fiber Cable System (PFCS), FiberREACH builds on its legacy by integrating advanced hybrid-fibre cabling, increased power delivery, and chassis solutions. The upgraded system now supports up to 90W of Power over Ethernet (PoE) ..
Next Story
Lodha Buys Rs 5.67 Billion Transit Units in Mankhurd
Mumbai-based listed real estate developer Lodha Developers Limited has acquired 945 permanent transit camp (PTC) units measuring 339,000 square feet from Arihant Construction Company for Rs 5.67 billion. The transaction, registered on 3 June 2025, is part of Lodha鈥檚 obligations under the Slum Rehabilitation Authority (SRA) scheme related to its ongoing township project in Vikhroli.The acquired units in Mankhurd will be handed over to the SRA to secure development rights for free-sale construction under the Vikhroli project. The deal includes a stamp duty payment of Rs 340.2 million and regis..
