NCLT approves Rs 1,814 cr resolution plan for Lavasa, DPIL wins bid

The National Company Law Court has approved a ₹1,814 crore solution plan for private hill station Lavasa, nearly five years after the insolvency resolution process was initiated.

Darwin Platform Infrastructure Ltd (DPIL) has emerged as the winning bidder for Lavasa Corporation Ltd, which is primarily engaged in the development of the hill station of the same name in Pune.

In a 25-page order passed on Friday, the court cleared the settlement plan with an investment of Rs 1,814 crore.

The amount includes “a solution plan amount of Rs.1,466.50 crore to be paid/disbursed from the funds injected in multiple tranches to the debtor of the company by means of cash financing and instruments, whether equity, project streams, loans or advances or a combination thereof,” as requested. The company’s debtor is Lavasa.

An oversight committee composed of an insolvency specialist (former resolution professional) and one representative each from the financial creditors and the Darwin Platform will oversee implementation of the settlement plan.

“The Settlement Plan satisfies the necessary statutory requirements under the law as well as the regulations, and we hereby agree to that,” the NCLT said.

The petition for bankruptcy settlement process under the Insolvency and Bankruptcy Code (IBC) commenced in August 2018.

Established in 2010 and part of the Darwin Platform Group, promoted by Ajay Harinath Singh, DPIL is engaged in infrastructure contracts and services and serves various sectors such as infrastructure, refineries, retail and hospitality, among others.

“The NCLT has entrusted us with the challenging task of developing an ambitious world-class smart city in the country. The ruling will reinforce our commitment to nation building. Now on the cusp of a significant resurgence. DPIL is committed to executing the plan as per the CoC’s proposed timeline. We are very keen to reinvigorate this ambitious project,” Singh said.

Offering homebuyers reassurance, he said, “The plight of homebuyers, along with the concerns of secured financial creditors, will not go unnoticed by DPIL. The company pledges to engage stakeholders in the revival process and prioritize their needs.”