Mumbai-based developer Darwin Platform Infrastructure Ltd (DPIL) has won the financial bid for Lavasa Corporation, India’s first privately built smart city near Pune. The Committee of Creditors (CoC) of Lavasa, on Friday, voted in favour of the plan submitted by DPIL.
The company had proposed a resolution plan of ₹1,814 crore in the revised and final plan for Lavasa. On November 25, DPIL submitted an addendum to its November 20 resolution plan. Earlier this month, the CoC started the process to finalise resolution plan for Lavasa Corporation.
According to sources, DPIL proposed an upfront payment of ₹100 crore, payment to home buyers within 24 months of receipt of EC, construction and delivery of homebuyers properties, redemption of the secured NCDs at the end of 108 months and these will incur a cost of ₹1,466.50 crore.
This apart, additional cost to be borne include that of repair/refurbishment, and other construction that takes the resolution plan value to ₹1,814 crore.
‘Competitive offer’
“Our revised resolution offer was very competitive and based on rational cost calculations. DPIL is committed to executing the Plan as per the schedule proposed to the CoC,” said Ajay Hairnath Singh, Group Chairman, Darwain Platform Group of Companies.
The Ajit Gulabchand-promoted Lavasa project was admitted for insolvency to the National Company Law Tribunal (NCLT) in August 2018.