The Welspun placed the highest bid of Rs850 crore, including Rs150 crore of process costs. Other bidders include Pune based developers Ashdan and Pride Purple, Macrotech Developers (now Lodha Developers), DB Corp subsidiary Valor, Jindal Steel and Power Group, and Mumbai-based Yogayatan Group.
Ashdan and Pride Purple have placed a combined bid aggregating to Rs843 crore. The payment timelines for the bids are five to nine years.
Most of the bids are conditional to the project receiving environmental clearance from the Maharashtra government.
Lenders are grappling with litigations on this distressed debt as they try to find a buyer for a second time after junking the previous attempt last year. Even at Rs850 crore, the highest bid received, the total recovery is less than 13% of dues of over Rs6,642 crore, after more than seven years of struggle.
The NCLT had in July 2023 approved a resolution proposal from Darwin Platform Infrastructure (DPIL), offering total payout of Rs1,814 crore to lenders over eight years and promising to deliver fully constructed houses to 837 homebuyers.
However, Mumbai bench of NCLT called off the resolution plan after a full year of hearing in September last year, noting that DPIL failed to make the Rs100-crore upfront payment without any justifiable reasons.
Lavasa was promoted as India's first privately built and managed city targeting rich urban natives from Mumbai and Pune.
