Allegations of discrimination, lack of transparency, and denial of fair hearing surface in Lavasa insolvency case.

Lavasa Homebuyers Move NCLT Appellate Tribunal Over Resolution Plan.

Homebuyers of Lavasa, India’s first privately developed hill town, have filed a fresh appeal before the appellate tribunal challenging the resolution plan approved for Lavasa Corp. They have alleged serious infirmities in the plan, including discriminatory treatment, arbitrary financial obligations, lack of transparency in the insolvency process, and proposed changes to material terms by the Welspun Group–Ashdan Properties consortium. In their 99-page plea, the homebuyers have sought a stay on the approval order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), alleging violation of principles of natural justice as they were not granted a hearing despite dissenting in the Committee of Creditors. Alternatively, they have sought a full refund of their investment with 12% annual interest. The appeal highlights unresolved applications and procedural lapses in the insolvency proceedings.