NCLT approves revised resolution plan by Darwin Platforms to takeover Lavasa Corporation

The National Company Law Tribunal (NCLT), Mumbai has approved a revised resolution plan submitted by Darwin Platform Infrastructure to revive Lavasa Corporation, which was incorporated to build India’s first modern hill town after Independence. [Shailesh Verma v. Darwin Platform Infrastructure Limited].A coram of judicial member Kuldip Kumar Kareer and technical member Shyam Babu Gautam approved a revised resolution plan which proposes payment of ₹1,814 crores to creditors and stakeholders, as against the ₹1,601 crores plan approved earlier..“The Resolution Plan meets the necessary statutory requirements under the Code as well as the Regulations, we hereby approve the same. The Resolution Professional is further directed to handover all records, premises/documents to Resolution Applicant to finalize the further line of action required for starting the operation as contemplated under the Resolution Plan” the order passed on July 21 stated..The revised plan was submitted after the NCLT directed lenders of the Lavasa Corporation to consider an equitable distribution of proceeds from the township developer's sale to the winning bidder, Darwin Platform Infrastructure.The tribunal had earlier observed that secured creditors could not secure their dues at the cost of statutory dues. A revised plan was, therefore, submitted before the Committee of Creditors which then approved the plan..In February this year, the Resolution Professional had proposed to allocate a sum of ₹1,96,54,421 towards statutory dues claimed by government authorities. This was 20.50% of the amount claimed by government and statutory authorities and about the same proportion of recovery made by financial creditors..Lavasa was established to set up the country’s first privately developed hill city near the Pune district of Maharashtra. However, the project has been entangled in various issues, including environmental clearance and land acquisition problems, resulting in delayed payments to lenders..Senior Advocates Ravi Kadam and Ashish Kamat with advocates Salonee Kulkarni, Kriti Kalyani briefed by Shradul Amarchand Mangaldas & Co. appeared for the Resolution Professional..[Read order]