Darwin Platform Infrastructure wins bid for Pune’s Lavasa Corporation.
- ByStartupStory | December 25, 2021
Darwin Platform Infrastructure Ltd (DPIL) the mumbai based company said that its bid to acquire Lavasa Corporation through the insolvency process has been approved by the debt-ridden firm’s lenders. “It is very encouraging for us as CoC has accepted the resolution plan and expressed full confidence in it. We have an ambitious and long-term plan for Lavasa Smart City. DPIL has capabilities and resources to meet the expectations of the CoC,” Darwin Platform Group of Companies (DPGC) Group Chairman Ajay Harinath Singh said in a release.
Earlier in 2018, the NCLT had admitted a plea filed by operational creditors who initiated the Corporate Insolvency Resolution Process (CIRP) against Lavasa Corporation under the Insolvency and Bankruptcy Code (IBC). It required at least 66 percent votes for the approval of a bid. After CoC approval, the bid has to be cleared by the National Company Law Tribunal (NCLT). The resolution plan submitted by Darwin Platform received 97 percent votes of the Committee of Creditors (CoC), banking and market sources said.
A banker told PTI in a report that the resolution plan of around Rs 1,500 crore submitted by Darwin Platform was approved on Friday with 97 percent votes in favour.
There are 16 financial creditors to the debt-laden company, including Union Bank of India, L&T Infra Finance, Asset Reconstruction Company (India) Ltd (ARCIL), Bank of India, Axis Bank, Central Bank of India, Punjab National Bank, Asset Care & Reconstruction Enterprise Ltd (ACRE), State Bank of India and Bank of Baroda, among others.
Follow Startup Story
Related Posts
