Pune: NCLT Clears Sale Of Lavasa To Darwin Platform Infrastructure For Rs 1800 Crore
Pune 22nd July 2023 : The National Company Law Tribunal (NCLT) on Friday has given its approval for the sale of bankrupt Lavasa Corporation to Darwin Platform Infrastructure. With the NCLT’s approval, the new developer, Darwin Platform Infrastructure, can now proceed with the project, bringing hope to thousands of home buyers who have been eagerly waiting to receive the keys to their properties.
Darwin Platform Infrastructure emerged as the successful bidder by offering Rs 1,864 crore to the lenders during the insolvency process in December 2021. Lavasa Corporation had a debt of nearly Rs 8,000 crore owed to the banks. Lavasa Corporation, a subsidiary of HCC, embarked on the construction of India’s first hill city near Pune in the year 2000 but encountered financial difficulties when it failed to obtain environment clearance. Consequently, the project was stalled for over a decade.
In December 2021, the resolution plan presented by Darwin Platform Infrastructure received an overwhelming 96.41 per cent approval from the Committee of Creditors (CoC). However, the plan was subject to litigation until now.
The tribunal carefully examined the resolution plan presented by Darwin Platform Infrastructure (DPIL) and concluded that it fully complies with all the required statutory requirements under the code and regulations.
According to the resolution professional, the first phase of the project covers a vast area of 12,500 acres, spanning across 18 villages, and is estimated to take around 8 to 10 years to complete.
Located around 60 km away from from Pune, Lavasa hill city was envisioned as a picturesque paradise inspired by the charming aesthetics of Italy’s Portofino. It was a pioneering initiative in India, being the country’s first privately built and managed city. Over the years, it attracted curious tourists and city dwellers seeking respite from their urban lives, drawing them to the streets of Dasve village, where the hill city eventually took shape.
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Alongside its development, a bustling promenade with a scenic lake at its center emerged, leading to the establishment of numerous restaurants and coffee shops, catering to the influx of visitors eager to experience the allure of Lavasa.
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