Lavasa, a private hill station built amidst the beautiful plains of the Western Ghats, near Pune city of Maharashtra, has been sold. Nearly 5 years after the initiation of the insolvency resolution process, the National Company Law Tribunal (NCLT) has approved it.
Pune’s Darwin Platform Infrastructure has bought it for Rs 1,814 crore. NCLT passed a 25-page order and approved the resolution plan with an investment of Rs 1,814 crore.
Let us tell you that in August 2018, the NCLT accepted the petition of the creditors of Lavasa Corporation, the real estate company of HCC, for the insolvency resolution process under the Insolvency and Bankruptcy Code (IBC).
Payment to creditors
According to the order, ‘This amount includes the resolution plan amount of Rs 1,466.50 crore, which will be paid in installments from the funds received by the corporate debtor ie Lavasa.’
Top lenders to Lavasa include Union Bank of India, L&T Finance, Arcil, Bank of India and Axis Bank.
What does the buyer company do?
Darwin Platform Infrastructure Limited (DPIL) is primarily an infrastructure and construction company. It is a part of Darwin Platform Group and its foundation was laid in 2010.
DPIL is associated with many services, which include sectors like infrastructure, refineries, retail and hospitality.
The Darwin Group, which bought Lavasa, had earlier shown interest in the bidding process for Jet Airways and Reliance Capital.
Home buyers will also be taken care of
Darwin promoter Ajay Singh said in a statement, ‘NCLT has entrusted us with the challenging task of developing an ambitious world-class smart city in the country. This decision will strengthen our commitment towards nation building. Lavasa is now on the cusp of revival. We are very keen to revive this ambitious project.
Assuring the home buyers, he said, “The plight of the home buyers will also be taken care of by DPIL along with the concerns of the secured financial creditors.” The company promises that priority will be given to the involvement of stakeholders in the revival process and their needs.