Among Lavasa's top financial creditors are Union Bank of India, L&T Finance, Arcil, Bank of India, and Axis Bank. Lavasa, situated in the scenic Mulshi Valley in the Western Ghats near Pune, was envisioned as a European-style city and was developed by Hindustan Construction Company.
India's first private hill station, Lavasa, is set to see resolution for homebuyers and lenders as the National Company Law Tribunal (NCLT) grants approval for its sale to Darwin Platform Infrastructure. After receiving approval from the lenders, Darwin's resolution plan got the NCLT's green signal, offering a payout of Rs 1,814 crore over eight years. This amount includes Rs 929 crore to the lenders and Rs 438 crore for delivering fully constructed homes to 837 admitted homebuyers.
With a total claim amount of Rs 6,642 crore, the resolution plan aims to fulfill the homebuyers' claims and deliver completed properties within five years of obtaining environmental clearance on an actual cost basis. The move is expected to address the long-standing concerns of numerous stakeholders associated with the Lavasa project.
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Homebuyers looking to acquire properties in the Lavasa project will be required to bear the actual future construction costs payable to Darwin Platform Infrastructure. This provision aims to ensure transparency and accountability in the process of obtaining the fully constructed properties under the approved resolution plan.
"In order to provide a transparent mechanism for the construction costs, the resolution applicant proposes that it shall constitute a 'construction cost determination committee' of 4 members consisting of equal representation of FCCA/homebuyers' representatives and the resolution applicant's management team," the order said.
On Friday, the NCLT members, Shyam Babu Gautam and Kuldip Kumar Kareer, issued the order approving the sale of Lavasa to Darwin Platform Infrastructure. The Mumbai-based Darwin group, with interests in retail, realty, infrastructure, and other businesses, had actively participated in the bidding process for Jet Airways and Reliance Capital previously. Ajay Harinath Singh, the group's chairman, is a first-generation entrepreneur.
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Among Lavasa's top financial creditors are Union Bank of India, L&T Finance, Arcil, Bank of India, and Axis Bank. Lavasa, situated in the scenic Mulshi Valley in the Western Ghats near Pune, was envisioned as a European-style city and was developed by Hindustan Construction Company.
The Lavasa Corporation had been granted permission to construct dams on the Warsgaon river and establish the necessary infrastructure for the city's development.
Following Lavasa's failure to fulfill its payment obligations, Raj Infrastructure Development India, one of the company's creditors, filed a bankruptcy petition against Lavasa, which was accepted in August 2018.
