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NCLAT rejects Union Bank’s plea | Union Bank of India (UBI) has challenged the order of the National Company Law Tribunal (NCLT) Mumbai bench which on July 21, 2023, approved the resolution plan of Darwin Platform Infrastructure Ltd for Lavasa Corporation, a private hill city developer in Pune.
NCLAT Rejects Union Bank’s Plea
New Delhi: The National Company Law Appellate Tribunal on Wednesday dismissed a petition filed by Union Bank of India challenging Darwin Platform Group’s bid for Lavasa Corporation.
Union Bank of India (UBI) has challenged the National Company Law Tribunal’s (NCLT) Mumbai bench order on July 21, 2023, approving the resolution plan of Darwin Platform Infrastructure Ltd for private hill city developer Lavasa Corporation.
The public sector lender has argued for asset maximization and if a fresh process and fresh valuation take place, Lavasa Corporation is likely to be valued further.
According to reports, the Darwin Group for Lavasa will pay Rs. 1,814 crore bid. The National Company Law Appellate Tribunal (NCLAT) observed that UBI itself is a member of the CoC and approved the resolution plan as part of approving financial creditors with a vote share of 96.41 percent.
After the NCLT approved the resolution plan, UBI approached the insolvency tribunal praying for recall of the order.
However, this was rejected by the NCLT on November 10, 2023, and later, UBI appealed before the NCLAT. The Appellate Tribunal also rejected the order holding that maximization was not a ground for recall.
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Also read: 50 sq.m. Approval on the plan of plots in areas less than|Karnataka HC