Ajay Harinath Singh-led Darwin Platform Group wins Lavasa project

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Ajay Harinath Singh-led Darwin Platform Group wins Lavasa project

 

Mumbai July 21, In a significant development in the history of Lavasa Smart City project and paving way for its further development and transformation, the National Company Law Tribunal (NCLT) on Friday awarded the project to Ajay Harinath Singh-led Darwin Platform Group of Companies (DPGC).

The DPGC is one of the leading players in the infrastructure, defence and strategic sector.

Lavasa in Mulshi in Pune district is India’s first hill station that was developed post-Independence – in the the picturesque Sahyadri ranges of the Western Ghats.

As the wait is over, a promising world-class smart city is ready to reclaim its past proposed status and a sought-after destination for tourists, locals, homebuyers, and business entities – and make it a model for future development.

With the verdict, DGPC’s associate company- Darwin Platform Infrastructure Ltd (DPIL), investors, creditors, and other stakeholders heaved a sigh of relief.

“The NCLT has entrusted us with a challenging task to develop an ambitious world-class smart city in the country. The verdict would reinforce our commitment to nation-building. Lavasa is now on the cusp of a remarkable resurgence” DPGC Group Chairman Ajay Harinath Singh said.

The NCLT Mumbai bench comprising Kuldeep Kumar Kareer, Member (Judicial) and Shyam Bahu Gautam, Member (Technical) pronounced the final order in the case – Shailesh Verma versus Darwin Platform Infrastructure Limited in the matter of Raj Infrastructure Development (India) Pvt Ltd vs Lavasa Corporation Ltd.

The DPIL won the financial bid for Lavasa Corporation- India’s first privately built smart city near Pune in December 2021.

The Committee of Creditors (CoC) of Lavasa voted in favour of the plan submitted by DPIL. The company took the lead by proposing a Total Resolution Plan amount of Rs 1,814 crore in the revised and final plan for Lavasa.

 

“DPIL is committed to executing the Plan as per the schedule proposed to the CoC. We are very eager to revitalize this ambitious project,” said Singh.

The DPIL has already unveiled its proposed short and long-term ambitious plans including upfront payment, schedule of payment to home buyers, construction and delivery of homes to buyers, and the redemption of the secured NCDs among others. Adding working capital, Repair/ Refurbishment, and other construction, the company has offered a total of Rs 1,814 in its modified resolution plan as per the Final Resolution Plan submitted to the CoC.

“The plight of homebuyers, along with the concerns of secured financial creditors, would not go unnoticed by DPIL. The company promises to include the stakeholders in the revival process and prioritize their needs,” added Singh.

Earlier in 2018, the NCLT had admitted a plea filed by operational creditors who initiated the Corporate Insolvency Resolution Process (CIRP) against Lavasa Corporation under the Insolvency and Bankruptcy Code (IBC). It required at least 66 percent votes for the approval of a bid. After CoC approval, the bid has to be cleared by the National Company Law Tribunal (NCLT). The resolution plan submitted by Darwin Platform received 97 percent votes of the Committee of Creditors (CoC), banking and market sources said.

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