Welspun's Lavasa bid challenge could delay resolution further
Welspun Group is challenging Valor Estates's winning bid to take over Lavasa Corporation, claiming Valor's promoters are tied to companies that defaulted on loans—something that could make them ineligible under India's insolvency rules.
This legal tussle could slow down Lavasa's already delayed resolution process.
Valor says it has followed all the rules
Welspun points out that Pramod Goenka, related to Valor's chairman Vinod Goenka, was a promoter of Yash Jewellery—a company in liquidation since 2014 and labeled a non-performing asset.
Both Goenkas had personally guaranteed its loans. Plus, a Valor subsidiary has also defaulted on bank loans.
Despite these issues, Valor says it has followed all the rules and is working with the resolution professional and the Committee of Creditors.
With Lavasa still facing over ₹6,600 crore in debt and ongoing legal hurdles, this new twist means more waiting for any revival plans.