The National Company Law Tribunal (NCLT) has taken a significant step by granting approval for the sale of Lavasa, India’s pioneering private hill station, to Darwin Platform Infrastructure at a substantial value of Rs. 1.8k crore. Alongside the sale, NCLT has also given the green light to Darwin’s comprehensive resolution plan, which outlines a total payout of Rs. 1,814 crore. Within this amount, Rs. 929 crore is allocated for repayment to lenders, and another Rs. 438 crore is earmarked to provide 837 accepted homeowners with fully constructed homes.
At the core of the Darwin Platform Infrastructure’s resolution plan lies the commitment to address the claims of homebuyers diligently. The plan sets a goal to deliver completed houses to the homeowners within five years from the receipt of environmental clearance on an actual basis, involving a claim amounting to Rs. 6,642 crore.
By implementing the approved resolution plan, the Lavasa project aims to dispel longstanding concerns that have lingered among various stakeholders associated with its development.
Under the terms of the resolution plan, the homebuyers will bear the actual future construction costs payable to Darwin Platform Infrastructure, ensuring transparency and accountability in the process of obtaining fully constructed properties.
Nestled in the scenic Mulshi Valley of the Western Ghats near Pune, Lavasa hill station covers an expansive area of 25,000 acres and boasts mesmerizing infrastructure that harmonizes with the natural beauty of the surroundings. The Hindustan Construction Company was the driving force behind the creation of this first-of-its-kind private hill city in India back in 2000.
Among the major financial creditors of Lavasa are notable institutions such as Union Bank of India, L&T Finance, Arcil, Bank of India, and Axis Bank.
The Lavasa Corporation was granted permission to construct dams on the Warsgaon River and develop the necessary infrastructure for the city’s growth.
The NCLT members, Shyam Babu Gautam and Kuldip Kumar Kareer, issued the order to approve the sale of Lavasa hill station to Darwin Platform Infrastructure.
Darwin Platform Infrastructure is a Mumbai-based enterprise that belongs to the Darwin group, holding interests in diverse sectors, including retail, realty, and infrastructure. The group had previously participated actively in the bidding processes for Jet Airways and Reliance Capital. Ajay Harinath Singh serves as the Chairman of the Darwin Group.
It was Raj Infrastructure Development India, a creditor of Lavasa, that initiated the petition against the company when it failed to meet its payment obligations, ultimately leading to its approval in 2018.