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Creditors to Lavasa Corp invoked the ₹25-crore performance bank guarantee (PGB) by Darwin Platform Infrastructure (DPIL) earlier this month, citing non-compliance of the corporate insolvency resolution process (CIRP) timeline.This came nine months after the National Company Law Tribunal had approved the transaction. The invocation of the guarantee means that the monitoring committee to implement the plan has now been dissolved and the CIRP process has been halted, putting the decision on the future of the private hill town project back before the NCLT."Lenders took a decision to invoke the guarantee because there was no movement on completion of the deal from Darwin. The upfront payment of ₹100 crore had to come within 90 days from NCLT order, which came in July, which is long overdue. Lead lender Union Bank has expressed its no confidence in the resolution applicant, so this was a logical move," said a person familiar with the process.Lead lender Union Bank of India had sought withdrawal of NCLT approval alleging connivance between the resolution professional (RP) Shailesh Verma and DPIL to undervalue the real estate assets of Lavasa, resulting in a loss to creditors of the company, ET had reported in October. Though petition by Union Bank was dismissed by the NCLT, a subsequent petition by State Bank of India (SBI) in the National Company Law Appellate Tribunal (NCLAT) was allowed and is still pending in court.A DPIL spokesperson said the company "would not comment as the matter is in court". Union Bank and RP Shailesh Verma did not reply to an email seeking comment.Darwin Platform's final plan submitted in December 2021 had envisaged a total payout of ₹1,814 crore over eight years to lenders and also included delivery of fully constructed houses to 837 home buyers, at a haircut of about 79% to financial creditors.Lenders and DPIL have been engaged in a legal battle since the NCLT order. DPIL has cited legal issues and sought more time to complete the transaction. "The maintenance of the Lavasa city is being borne by lenders as part of the CIRP costs. In fact, out of the ₹100-crore upfront payment, ₹80 crore was set aside for the CIRP costs according to the plan. The expenses are much higher than that number. Invocation of the bank guarantee is an indication that lenders do not expect the plan to be implemented. The decision is now with the court," said a second person aware of the process.Besides Union Bank and SBI, Axis Bank, Bank of India, L&T Finance and Arcil are financial creditors to the company. ET has learnt that DPIL has filed an interlocutory plea against this invocation of guarantees and sought more time to complete the CIRP citing litigations around the project. ET could not ascertain the contents of this application.

Royal Challengers Bengaluru (RCB) star batter Virat Kohli faced a controversial dismissal during the IPL 2024 match against Kolkata Knight Riders (KKR) at the Eden Gardens in Kolkata. Kohli's frustration was evident as he engaged in a heated exchange with the on-field umpires before storming off the field. Despite Kohli's efforts to defend, he was eventually adjudged out, leading to a major controversy in the match.— Dhonismforlife (@Dhonismforlife) Kohli's Frustration EruptsThe incident occurred in the third over of RCB's 223-run chase, with Harshit Rana delivering a slow full toss that appeared to rise awkwardly towards Kohli. Kohli, attempting to evade the ball, ended up giving an easy return catch to Rana. However, the mode of dismissal, initially assumed to be a no-ball, led to Kohli's immediate review.Despite Kohli's efforts to defend his case, the TV umpire adjudged him out, triggering Kohli's eruption of emotions. He engaged in a heated exchange with the on-field umpires, expressing his frustration before storming off the field. Kohli's actions included knocking over a garbage bin and later smashing his bat in frustration on his way to the dressing room.— mufaddal_vohra (@mufaddal_vohra) Kohli's Reaction and Match SummaryKohli's displeasure was evident as he made his way back to the pavilion, knocking over a garbage bin and later smashing his bat to the ground in frustration. The controversial decision led to Kohli's dismissal, sparking debate and discussion among fans and experts alike. Despite Kohli's 7-ball 18, RCB fell short in their chase of KKR's massive total of 222, with Phil Salt and skipper Shreyas Iyer leading KKR to victory.The controversial decision sparked debate and discussion among fans and experts, with many questioning the umpire's call. Despite Kohli's dismissal, RCB continued their chase but fell short of KKR's massive total of 222. Phil Salt and skipper Shreyas Iyer were the top performers for KKR, leading their team to victory.(With inputs from TOI)

Senior Congress leader and Lok Sabha candidate Shashi Tharoor has been booked for allegedly carrying out a false campaign against union minister and rival candidate Rajeev Chandrasekhar, police said here on Sunday. The case was registered by the Cyber Police here on April 15 but its details were revealed only today. According to police, the case against Tharoor was registered based on a complaint lodged by BJP leader J R Padmakumar who accused the Congress leader of carrying out a false campaign against Chandrasekhar during a television programme. The complainant alleged that Tharoor, during the programme, had made defamatory statements against Chandrasekhar with regard to influencing voters of coastal regions in the upcoming Lok Sabha election. The case was registered under Sections 171-G and 500 of the Indian Penal Code and Section 65 of IT Act, a cyber police official said adding that an investigation is going on in the matter. IPC 177-G refers to raising false statement in connection with an election, while IPC 500 relates to defamation. Tharoor, who is contesting from Thiruvananthapuram Lok Sabha constituency, is yet to react on the registration of the case.