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

Mumbai-based Darwin Platform’s revised  Rs 1,814-crore bid to take over the privately-built sensible metropolis challenge by Lavasa Corporation close to Pune was on Friday authorised by the committee of collectors (CoC). The bid beat the closest competing provide of Rs 1,223.07 crore.
Lavasa Hill City challenge was deliberate 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 financial institution loans after the setting ministry issued a stop-work order in 2010. The whole admitted claims of the monetary collectors was at Rs 5,561.1 crore.
Earlier, through the month, the CoC had began the method to finalise the decision 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 stated.

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, stated, “We have an ambitious and long-term plan for Lavasa Smart City.” The firm has sources to satisfy the expectations of the CoC, he added. FE