Darwin Platform Infrastructure wins bid for smart-city Lavasa 

The Darwin Platform Infrastructure Ltd. (DPIL) won the financial bid for Lavasa Corporation, country's first privately built smart city near Pune. The Committee of Creditors (CoC) of Lavasa voted in favour of the plan submitted by DPIL.

The company had taken a lead by proposing a Total Resolution Plan amount of Rs 1,814 crore in the revised and final plan for Lavasa, DPIL said in a statement.

Earlier this month, the CoC of Lavasa started the process to finalise resolution plans of applicants including DPIL.

On November 25, DPIL had submitted addendum to its November 20 resolution plan. The CoC members finally voted on the revised plan today to finalise the bidder.

“DPIL has proposed payment plan and schedule that include upfront payment (Rs 100 crore), Payment to Home Buyers (RERA) within 24 months of receipt of EC, Construction and delivery of Homebuyers properties, Redemption of the Secured NCDs at the end of 108 months, and these will incur a cost of Rs 1,466.50 crore. Adding working capital, Repair/ Refurbishment, and other construction, the company has offered a total of Rs 1,814 in its revised resolution plan,” said a member of CoC requesting anonymity.  

Valuers had pegged Rs 4,000 crore as liquidation value of the Ajit Gulabchand (chairman, Hindustan Construction Company) promoted Lavasa project when it was admitted for insolvency to the National Company Law Tribunal (NCLT) in August 2018.

Commenting on the win, Ajay Harinath Singh, Group Chairman, Darwin Platform Group of Companies (DPGC), said, “It is very encouraging for us as CoC has accepted for 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. Our revised resolution offer was very competitive and based on rational cost calculations"

"DPIL is committed to executing the Plan as per the schedule proposed to the CoC. Hopefully, New Year 2022 entrusts us a challenging task to develop an ambitious smart city in the country," he added.