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.

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