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Darwin Platform wins Lavasa city bid for Rs 1,814 crore

🔴 Lavasa Hill City project was planned by Hindustan Construction Company (HCC) in 2000. It was admitted for insolvency by the National Company Law Tribunal in August 2018.

By: ENS Economic Bureau | Pune |
December 25, 2021 4:42:27 am
Lavasa Corporation, Darwin Platform, Lavasa Hill City project, Hindustan Construction Company HCC, NCLT National Company Law Tribunal, business news, indian expressEarlier, during the month, the CoC had started the process to finalise the resolution plans. (Representational)

Mumbai-based Darwin Platform’s revised  Rs 1,814-crore bid to take over the privately-built smart city project by Lavasa Corporation near Pune was on Friday approved by the committee of creditors (CoC). The bid beat the closest competing offer of Rs 1,223.07 crore.

Lavasa Hill City project was planned by Hindustan Construction Company (HCC) in 2000. It was admitted for insolvency by the National Company Law Tribunal (NCLT) in August 2018. Lavasa had defaulted on bank loans after the environment ministry issued a stop-work order in 2010. The total admitted claims of the financial creditors was at Rs 5,561.1 crore.

Earlier, during the month, the CoC had started the process to finalise the resolution plans. “DPIL has proposed a payment plan and schedule that include upfront payment of  Rs 100 crore, payment to homebuyers within 24 months of receipt of environmental nod, construction and delivery of properties, redemption of the secured NCDs at the end of 108 months,” a member of CoC said.

The CoC member added: “These will incur a cost of Rs 1,466.50 crore. After adding working capital, repair/refurbishment, and other construction, the company has offered a total of  Rs 1,814 in its revised resolution plan.”

Ajay Harinath Singh, group chairman, Darwin Platform Group of Companies, said, “We have an ambitious and long-term plan for Lavasa Smart City.” The company has resources to meet the expectations of the CoC, he added. FE

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