Darwin Platform Infrastructure wins financial bid for Lavasa Corporation

Darwin Platform Infrastructure (DPIL) has won the financial bid for resolution of the ailing Lavasa Corporation, which is constructing the country’s first privately-built smart city near Pune. The Committee of Creditors (CoC) of Lavasa voted in favour of the revised plan submitted by DPIL with the offer of Rs 1,814 crore in the final resolution plan, the company said in a statement.

The Ajit Gulabchand (chairman, Hindustan Construction Company)-promoted Lavasa project was admitted for insolvency to the National Company Law Tribunal (NCLT) in August 2018.

On November 25, DPIL had submitted an addendum to its November 20 resolution plan. Earlier this month, the CoC had started the process to finalise resolution plans of applicants such as DPIL. The CoC members finally voted on the resolution plan on Friday to finalise the bidder.

Ajay Harinath Singh, group chairman, Darwin Platform Group of Companies (DPGC), said the revised resolution offer was very competitive and based on rational cost calculations. He added, DPIL is committed to executing the plan, according to the schedule proposed to the CoC. 

DPIL has proposed a payment plan and schedule that includes upfront payment (Rs 100 crore). The plan also involves redemption of secured non-convertible debentures (NCDs) at the end of 108 months, and these will incur a cost of Rs 1,466.50 crore.