New Delhi: Valor Estate, formerly known as DB Realty, has emerged as the highest bidder for Lavasa Corporation under the ongoing Corporate Insolvency Resolution Process (CIRP), offering Rs 771.09 crore on a net present value (NPV) basis.
The bid came after a competitive 10-round process, with Welspun Group and Yogayatan Group placing second and third with offers of Rs 750 crore and Rs 725 crore respectively. Other contenders included Lodha Developers, Pride Purple Group, and Jindal Steel & Power Group.
The Committee of Creditors (CoC) is expected to negotiate with Valor Estate to enhance the value before finalising timelines for plan submission and verifying proof of funds. However, the deal’s success hinges on securing key environmental clearances—an obstacle that has stalled past revival efforts.
This is the third major attempt to resolve the project’s insolvency, following the collapse of a Rs 1,814-crore bid by Darwin Platform Infrastructure in 2023 due to non-payment of upfront dues.