Top suitors of Lavasa Corporation including Haldiram Snacks Pvt Ltd and Oberoi Realty have quit the race for the real estate company citing falling real estate prices due to coronavirus pandemic. A subsidiary of construction major HCC, Lavasa had defaulted on bank loans worth Rs 7,700 crore, prompting its lenders to send the company to the NCLT in 2018 for debt resolution under IBC 2016.
Axis Bank has made the highest claim of Rs 1,266 crore against the company. According to a banking source, due to coronavirus pandemic the demand for real estate has dried up with customers as ...
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST Rs
Key stories on business-standard.com are available to premium subscribers only.
Already a premium subscriber? LOGIN NOW
Copyrights © 2020 Business Standard Private Ltd. All rights reserved.
RECOMMENDED FOR YOU