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The NCLT order approving the resolution plan submitted by Darwin came after the lenders voted in favour of the resolution plan. It envisages a payout
Get latest articles and stories on Latest News at LatestLY. The National Company Law Tribunal has approved a Rs 1,814 crore resolution plan for the private hill station Lavasa, nearly five years after the initiation of the insolvency resolution process. Latest News | NCLT Approves Rs 1,814 Cr Resolution Plan for Lavasa; Darwin Platform Winning Bidder.
A revised plan was submitted after the tribunal had directed lenders of Lavasa Corp to consider an equitable distribution of proceeds from the sale of the township developer and its two units to winning bidder Darwin Platform Infrastructure.
Darwin Platform Infrastructure Ltd (DPIL) has emerged as the winning bidder for Lavasa Corporation Ltd, which is primarily into the business of the development of the private hill station by the same name in Pune. In a 25-page order passed on Friday, the tribunal cleared the resolution plan at an investment of Rs 1,814 crore.
The Mumbai bench of the National Company Law Tribunal (NCLT) Friday approved a revised and improved resolution plan submitted by Darwin Platform Infrastructure for the revival of Lavasa Corp., which was formed to build Indias first modern hill town after Independence.