Darwin Platform Infrastructure wins financial bid for Lavasa Corporation

Darwin Platform Infrastructure (DPIL) has received the economical bid for resolution of the ailing Lavasa Corporation, which is developing the country’s initial privately-constructed good metropolis in the vicinity of Pune. The Committee of Lenders (CoC) of Lavasa voted in favour of the revised strategy submitted by DPIL with the offer of Rs one,814 crore in the remaining resolution strategy, the enterprise stated in a assertion.

The Ajit Gulabchand (chairman, Hindustan Development Firm)-promoted Lavasa challenge was admitted for insolvency to the National Firm Legislation Tribunal (NCLT) in August 2018.

On November twenty five, DPIL experienced submitted an addendum to its November 20 resolution strategy. Previously this thirty day period, the CoC experienced started out the approach to finalise resolution options of applicants these as DPIL. The CoC customers eventually voted on the resolution strategy on Friday to finalise the bidder.

Ajay Harinath Singh, group chairman, Darwin Platform Group of Companies (DPGC), stated the revised resolution offer was incredibly aggressive and primarily based on rational value calculations. He added, DPIL is committed to executing the strategy, according to the timetable proposed to the CoC.

DPIL has proposed a payment strategy and timetable that involves upfront payment (Rs one hundred crore). The strategy also consists of redemption of secured non-convertible debentures (NCDs) at the end of 108 months, and these will incur a value of Rs one,466.fifty crore.

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