After initiating the insolvency resolution process over five years ago, the National Company Law Tribunal has now approved a Rs 1,814 crore resolution plan for the private hill station Lavasa.
Darwin Platform Infrastructure Ltd. (DPIL) is the winning bidder for Lavasa Corporation Ltd., which is primarily involved in the business of the private hill resort with the same name in Pune.
NCLT accepted the petition, in August 2018, of lenders of the debt-ridden Lavasa Corporation, the real estate company of HCC, for the insolvency resolution procedure under the Insolvency and Bankruptcy Code (IBC).
The panel approved the resolution plan at an investment of Rs 1,814 crore in a 25-page order issued on Friday.
"The Resolution Plan contemplates an investment of Rs 1,814 crore, including a 'Resolution Plan Amount of Rs 1,466.50 crore to be paid/ discharged from funds infused over multiple tranches into the corporate debtor by way of cash funding and instruments, being equity, project inflows, loans, advances or a combination thereof,” the order stated.
The implementation of the resolution plan will be supervised by a monitoring committee including the insolvency professional (formerly resolution professional), one representative each from financial creditors, and Darwin Platform.
"These amounts shall be utilized for (i) mandatory payments under the Code, (ii) payments proposed to be made to certain creditors (including operational creditors) and the secured financial creditors of the Corporate Debtors, and (iii) meeting the working capital and/or expenditure requirements, etc," the NCLT said in the order.
"The resolution plan meets the necessary statutory requirements under the Code as well as the regulations, we hereby approve the same," it added.
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