Lavasa sold for Rs 1.8k crore : NCLT approves Darwin Platform’s resolution plan

The National Company Law Tribunal (NCLT) has granted approval for the takeover of Lavasa Corporation by Darwin Platform Infrastructure. With this nod from the NCLT, the new developer can now proceed with the project, bringing hope to thousands of home buyers who will finally receive the keys to their long-awaited properties.

Darwin Platform Infrastructure emerged victorious in acquiring Lavasa Corporation during the insolvency process by offering a substantial Rs 1,864 crore to the lenders in December 2021. Lavasa Corporation, a subsidiary of HCC, had accrued significant debts of nearly Rs 8,000 crore to various banks.

Initially envisioned as a hill city near Pune in 2000, Lavasa Corporation faced setbacks due to loan defaults and challenges in obtaining environmental clearances, leading to a prolonged stall in the project for over a decade.

After securing approval from 96.41 per cent of the Committee of Creditors (CoC) in December 2021, Darwin Platform Infrastructure’s resolution plan was subjected to legal scrutiny.

The ambitious project, spanning 12,500 acres across more than 18 villages in its first phase, is estimated to take around 8 to 10 years to complete, according to the resolution professional.

Darwin Platform Infrastructure, founded in 2010, specializes in infrastructure contracts and services. The company is currently involved in refurbishment and maintenance works. It operates as part of the Darwin Platform Group, led by promoter Ajay Harinath Singh, with diverse interests spanning infrastructure, refineries, retail, hospitality, and other industry segments.