Ajay Harinath Singh’s company Darwin Platform Infrastructure Ltd (DPIL) has won the bid to acquire and revive India’s first private hill station Lavasa. The National Company Law Tribunal (NCLT) approved Darwin Platform’s Rs 1,814 crore resolution plan for Lavasa, nearly five years after the initiation of the insolvency resolution process. The NCLT had admitted the petition of lenders of the debt-ridden Lavasa Corporation, the real estate arm of Hindustan Construction Company, for the insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) in August 2018.
Darwin Platform Infrastructure emerged as the winning bidder for Lavasa Corporation, which is primarily in the business of the development of the private hill station by the same name in Pune. DPIL’s payout of Rs 1,814 crore over a period of eight years includes giving Rs 929 crore to lenders and spending Rs 438 crore on delivering fully constructed houses to homebuyers within five years of receiving environmental clearance. The claims of 837 homebuyers have been admitted.
Perched on the Mulshi valley of the Sahyadri mountains in the Western Ghats, about 180 km away from Mumbai, Lavasa covers a massive area of 20,000 acre. Top financial creditors of Lavasa are L&T Finance, Union Bank of India, Arcil, Axis Bank, and Bank of India.
Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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