The National Company Law Appellate Tribunal on Wednesday dismissed the plea of Union Bank of India to challenge the Darwin Platform Group's bid for Lavasa Corporation.
Union Bank of India (UBI) had challenged the July 21, 2023, order of the Mumbai bench of the National Company Law Tribunal (NCLT), which approved the resolution plan of Darwin Platform Infrastructure Ltd for Lavasa Corporation that was developing a private hill city in the Pune district.
The public sector lender contended for maximisation of the assets and submitted if a fresh process and fresh valuation were done, Lavasa Corporation would achieve more value.
According to the reports, Darwin Group's bid for Lavasa was for Rs 1,814 crore.
The National Company Law Appellate Tribunal (NCLAT) observed that UBI itself was a member of the CoC and also approved the plan as part of the assenting Financial Creditors who approved the Resolution Plan by 96.41 per cent vote share.
After approval of the Resolution Plan by the NCLT, UBI moved the insolvency tribunal praying for recall of the order.
However, it was rejected by the NCLT on November 10, 2023, and subsequently, UBI appealed before the NCLAT.
The appellate tribunal also rejected after saying that maximisation is not a ground for recall of the order.
"We are of the view that no ground has been made out in the application for recall of the judgment and the Adjudicating Authority has rightly rejected the application. There is no merit in the Appeal. The Appeal is dismissed," it said.