Darwin Platform wins for Lavasa Corporation resolution bid
Real Estate

Darwin Platform wins for Lavasa Corporation resolution bid

Darwin Platform Infrastructure Limited (DPIL) has emerged as the winner for the financial bids for the resolution of the Lavasa Corporation, which is developing India's first privately-built smart city near Pune.

The Committee of Creditors (CoC) of the Lavasa Corporation Limited had voted in favour of the revised plan submitted by DPIL with an offer of Rs 1,814 crore in the final resolution plan.

Ajit Gulabchand, Chairman of Hindustan Construction Company, promoted the Lavasa project admitted for insolvency to the National Company Law Tribunal (NCLT) in 2018.

Last month, DPIL submitted an addendum to its resolution plan. The CoC started the process to finalise the resolution plan for the applicants. The CoC voted on the resolution plan to finalise the bidder.

Group Chairman of Darwin Platform Group of Companies (DPGC), Ajay Harinath Singh, said that the revised resolution plan was very competitive as per the rational cost calculations. He further said that DPIL is committed to executing the resolution plan as per the schedule proposed to the CoC.

The company has proposed a payment plan, including an upfront payment of Rs 100 crore. It involves the redemption of secured non-convertible debentures (NCDs) at the end of 108 months to incur Rs 1,466.50 crore.

Image Source

Also read: Final bids for Lavasa project last hope for residents

Darwin Platform Infrastructure Limited (DPIL) has emerged as the winner for the financial bids for the resolution of the Lavasa Corporation, which is developing India's first privately-built smart city near Pune. The Committee of Creditors (CoC) of the Lavasa Corporation Limited had voted in favour of the revised plan submitted by DPIL with an offer of Rs 1,814 crore in the final resolution plan. Ajit Gulabchand, Chairman of Hindustan Construction Company, promoted the Lavasa project admitted for insolvency to the National Company Law Tribunal (NCLT) in 2018. Last month, DPIL submitted an addendum to its resolution plan. The CoC started the process to finalise the resolution plan for the applicants. The CoC voted on the resolution plan to finalise the bidder. Group Chairman of Darwin Platform Group of Companies (DPGC), Ajay Harinath Singh, said that the revised resolution plan was very competitive as per the rational cost calculations. He further said that DPIL is committed to executing the resolution plan as per the schedule proposed to the CoC. The company has proposed a payment plan, including an upfront payment of Rs 100 crore. It involves the redemption of secured non-convertible debentures (NCDs) at the end of 108 months to incur Rs 1,466.50 crore. Image Source Also read: Final bids for Lavasa project last hope for residents

Related Stories

Gold Stories

Next Story
Real Estate

L&T Wins Mega Order for India’s Largest NVIDIA B300 AI Factory

Larsen & Toubro (L&T), through Vyoma.AI’s AI infrastructure subsidiary LTN Compute, has secured a mega order to develop what the company describes as India’s largest single-cluster AI infrastructure facility. The NVIDIA B300 AI Factory will support US-based AI cloud company Together AI’s platform for large-scale inference, fine-tuning and training workloads.The integrated AI Factory will be hosted at Vyoma.AI’s Chennai data centre campus and will have a capacity of 10,000 NVIDIA B300 GPUs. The platform will combine hyperscale data centre infrastructure, accelerated computing, h..

Next Story
Infrastructure Urban

Autodesk Elevates Nikhil Bagalkotkar to Lead AEC in India, SAARC

Autodesk has elevated Nikhil Bagalkotkar as Head – Architecture, Engineering and Construction (AEC), India and SAARC, with immediate effect.In his new role, Bagalkotkar will lead Autodesk's AEC business strategy across the region and drive adoption of the company's Design and Make platform. He will also focus on promoting digital design and construction technologies to help customers accelerate innovation and deliver more sustainable and resilient infrastructure.Bagalkotkar will be responsible for expanding Autodesk's AEC business, strengthening customer and partner engagement, and accelerat..

Next Story
Real Estate

Listed Developers' Pre-Sales Seen Rising 22.3 Per Cent in FY27

India's leading listed residential developers are expected to sustain strong sales momentum in FY27, with combined pre-sales of 11 major players projected to rise 22.3 per cent year-on-year, according to an analysis by ANAROCK Research & Advisory.Combined pre-sales of the developers are estimated to increase from Rs 1.49 trillion in FY26 to Rs 1.82 lakh crore in FY27. ANAROCK attributed the growth to sustained end-user demand, new project launches and strong execution despite higher property prices, construction costs and global uncertainties.Dr Prashant Thakur, Executive Director and Head..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement