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NCLT clears Lavasa Corporation takeover by Darwin Platform Infrastructure

The NCLT nod will help the new developer to start work on the project which would help thousands of home buyers to get keys to their property

Lavasa corporation

Dev Chatterjee Mumbai

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The National Company Law Tribunal on Friday has cleared the lenders plan to sell bankrupt Lavasa Corporation to Darwin Platform Infrastructure. Darwin had won the race to acquire the company by making a  Rs 1,864 crore offer to the lenders in December 2021 in  the insolvency process. Lavasa owed  almost Rs 8,000 crore to the banks.
 
The NCLT nod  will help the new developer to start work on the project which would help thousands of home buyers to get keys to their property.
 
Lavasa Corporation, a subsidiary of HCC, was building a hill city near Pune in 2000 but defaulted on its loans as it failed to get environment clearance. The project was stalled for more than a decade.
 
In December 2021, the resolution plan submitted by Darwin Platform Infrastructure was approved by 96.41 per cent of the CoC but it was under litigation.
 
As per the resolution professional, the phase one of the project  spread across 12,500 acres in than 18 villages, may take up to 8 – 10 years to complete.

Darwin Platform Infrastructure was set up in 2010 and is engaged in infrastructure contracts and services. Currently, the firm is involved in refurbishing of projects and maintenance works. DPIL is part of the Darwin Platform Group, promoted by Ajay Harinath Singh. The Group is involved in various industry segments such as infrastructure, refineries, retail, hospitality, etc.

Topics : Lavasa NCLT

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First Published: Jul 21 2023 | 10:29 PM IST

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