NCLT clears Lavasa Corporation takeover by Darwin Platform Infrastructure

On Friday, the National Corporate Law Court approved the lenders’ plan to sell bankrupt Lavasa Corporation to Darwin Platform Infrastructure. Darwin won the race to take over the company by making an offer of Rs 1,864 crore to lenders in December 2021 in the insolvency process. Lavasa owes nearly Rs 8,000 crore to banks.

NCLT approval will help the new developer begin work on the project which will help thousands of homebuyers obtain the keys to their properties.

Lavasa Corporation, a subsidiary of HCC, was building a hill town near Pune in 2000 but defaulted on its loans because it failed to obtain an environmental permit. The project has been stalled for more than a decade.

In December 2021, the decision plan submitted by Darwin Platform Infrastructure was approved by 96.41 percent of the Code of Conduct but was under litigation.

According to the professional decision, the first phase of the project is spread over an area of ​​12,500 acres in more than 18 villages, and may take up to 8-10 years to complete.

Darwin Platform Infrastructure was founded in 2010 and is involved in infrastructure contracts and services. Currently, the company is engaged in renovation projects and maintenance work. DPIL is part of the Darwin Platform Group, promoted by Ajay Harinath Singh. The group operates in various industrial sectors such as infrastructure, refineries, retail, hospitality, etc.