Lavasa Corporation to be acquired by Darwin Platform group
Lavasa Corporation is going to be acquired by the Darwin Platform group. The settlement plan calls for a total payment of 1,152 billion rupees to be made to secured financial creditors. These creditors had previously admitted to having claims totaling 5,533 billion rupees.
NEW DELHI: The National Company Law Tribunal (NCLT) has approved Darwin Platform Infrastructure’s (DPIL) Rs 1,814 crore resolution plan, bringing the Lavasa Corporation’s insolvency resolution process to a close.
When a vendor, Raj Infrastructure Private Ltd, filed an insolvency action and the same was granted by NCLT, Lavasa Corporation, which is credited with developing India’s first smart city on Lavasa Hills in Pune, was declared bankrupt in August 2018.
The resolution plan calls for an investment of Rs 1,814 crore, comprising a Rs 1,601 crore resolution payment, to be paid over a nine-year period to various creditors.
According to the settlement plan, secured financial creditors who have admitted claims of Rs 5,533 crore would receive Rs 1,152 crore.
In contrast to their claims of Rs 459 crore, unsecured creditors would receive Rs 442 crore.
Operational creditors, who admitted claims of Rs 35 crore, have had an amount of Rs 8.50 crore made aside for them.
A provision of Rs 1.97 crore has been included in the resolution plan to cover debts owed to the government and statutory entities.
The amount is equal to 20.5% of what the government and statutory authorities are seeking, and it will result in a recovery that is equal to the amount being received by the financial creditors.
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