Valor Estate may also move NCLT to revise Lavasa offer

Mumbai: Valor Estate is the latest bidder likely to file a plea in the Mumbai National Company Law Tribunal (NCLT) to be allowed to revise its resolution plan for Lavasa Corp after the tribunal allowed Welspun-Ashdan Developers consortium to modify its payment timeline earlier this week.

Valor petitioned the court following a week of fast-paced developments in which the Welspun-Ashdan consortium was allowed to change its payment timeline, making it frontrunner to take over project. All 3 resolution plans, including that of the Yogayatan Group, were put to vote by the committee of creditors late on Wednesday.

In the court hearing on another application filed by Anuj Goyal, lawyers for Valor also objected to the allegations of Welspun subsidiary Paschim Sagar Properties, which had sought disqualification of Valor's bid under Section 29A of the Insolvency and Bankruptcy Code (IBC).


Welspun had cited Valor's past defaults and alleged links to the company's promoters. "During the hearing Valor's lawyers have also submitted that the company is in the process of filing an interlocutory application (IA) to bring on record serious concerns arising during the CIRP. Earlier this week, the resolution professional (RP) allowed modifications to financial proposals submitted by Welspun-Ashdan, and unfairly declined Valor's request to update its resolution plan which is discriminatory and against a level playing field," said a person aware of the proceedings.

The Valor application, likely to be filed soon, is expected to highlight that the company must also be given an opportunity to revise its timeline.

Valor did not reply to an email seeking comment. Replying to ET's email the RP said, "All documents, filings, and records pertaining to CIRP of corporate debtor are confidential in nature and cannot be disclosed, shared, or commented upon in the public domain."