Hill city Lavasa's developer to face insolvency proceedings

The National Company Law Tribunal on Thursday admitted an insolvency petition against Lavasa Corporation, a subsidiary of Hindustan Construction Company (HCC). The company, which owes more than ₹3,000 crore to lenders, is developing private hill city 'Lavasa' near Pune in Maharashtra. The value of Lavasa land according to a government registered valuer amounts to around ₹9,280 crore.