NCLT Approves Resolution Plan for Lavasa Corporation to takeover by Darwin Platform Infrastructure
NCLT – NCLT Approves Resolution Plan – Resolution Plan – NCLT Approves Resolution Plan for Lavasa Corporation – taxscan
NCLT – NCLT Approves Resolution Plan – Resolution Plan – NCLT Approves Resolution Plan for Lavasa Corporation – taxscan
In a recent ruling , the National Company Law Tribunal(NCLT ) approved the resolution plan to sell the bankrupt Lavasa Corporation to Darwin Platform Infrastructure. The Darwin Platform infrastructure will take over the company with Rs 1,864 crore offer to the lenders in the insolvency process.
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 environmental clearance. The project was stalled for more than a decade. The resolution plan submitted by Darwin Platform Infrastructure was approved by 96.41 per cent of the CoC but it was under litigation.
Lavasa owed almost Rs 8,000 crore to the banks. The NCLT approval would help the company to start work on the project which would help thousands of home buyers to get keys to their properties.
Darwin Platform Infrastructure is engaged in infrastructure contracts and services. Currently, the firm is involved in the 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.
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