A revised resolution plan submitted by Darwin Platform Infrastructure that proposes payment of ₹1,814 crores to creditors and stakeholders submitted by the National Company Law Tribunal (NCLT), Mumbai to revive Lavasa Corporation, aimed at building India’s first modern hill town after Independence has been approved.
The revised plan was introduced after the directions of the NCLT to the lenders of the Corporation to consider an equitable distribution of proceeds from the township developer’s sale to the winning bidder, Darwin Platform Infrastructure.
Earlier the tribunal had observed that secured creditors cannot secure their dues at the cost of statutory dues. The country’s first privately developed hill city near the Pune district of Maharashtra was to be set up through establishment of Lavasa.
The project has several issues including environmental clearance and land acquisition problems, resulting in delayed payments to lenders.
Raghav Sharma, SLCU, Bangalore intern under legal vidhiya
