Pune: In a significant development, the National Company Law Tribunal (NCLT) has granted permission for the acquisition of Lavasa Corporation by Darwin Platform Infrastructure, marking a major milestone for the long-delayed project. With this approval, thousands of hopeful homebuyers can now look forward to finally receiving the keys to their dream homes.
The acquisition process was successfully completed by Darwin Platform Infrastructure in December 2021 through the insolvency process. The company made an impressive bid of Rs 1,864 crore to the lenders, leading to the acquisition of Lavasa Corporation, a subsidiary of HCC, which had been grappling with substantial debts amounting to nearly Rs 8,000 crore owed to several banks.
The ambitious Lavasa hill city project, initially conceptualized in 2000 to be developed near Pune, faced numerous hurdles over the years, including financial defaults and challenges in obtaining environmental permits. These obstacles led to significant delays, leaving homebuyers in a state of uncertainty.
However, the tide seems to have turned with the approval from the Committee of Creditors (CoC), as an overwhelming 96.41 percent of the CoC members supported the resolution plan put forth by Darwin Platform Infrastructure in December 2021. This plan was subsequently reviewed and given the green light by the honorable judge, paving the way for the project to move forward.
The Lavasa project is of monumental proportions, covering an expansive area of 12,500 acres and encompassing more than 18 settlements. Given the scale and complexity of the undertaking, the resolution specialist estimates that it may take anywhere from 8 to 10 years to complete the entire project.
Darwin Platform Infrastructure, established in 2010, specializes in infrastructure contracts and services. The company has a strong track record in maintenance and renovation projects. As a part of the larger Darwin Platform Group, led by entrepreneur Ajay Harinath Singh, the organization boasts diverse interests, ranging from infrastructure and refineries to retail, hotels, and other industrial sectors.
The approval from NCLT signals a new ray of hope for both Lavasa Corporation and the countless homebuyers who have been eagerly awaiting the fruition of their dreams. The support and backing from Darwin Platform Infrastructure are expected to inject fresh energy into the Lavasa project and accelerate its progress towards completion.
