MUMBAI: In a move that will address claims of hundreds of homebuyers and lenders, the National Company Law Tribunal (NCLT) has cleared the sale of India’s first private hill station, Lavasa to Darwin Platform Infrastructure. The NCLT order approving the resolution plan submitted by came after the lenders voted in favour of the resolution plan. It envisages a payout of Rs 1,814 crore over eight years; it includes Rs 929 crore to lenders and spending Rs 438 crore on delivering fully constructed houses to home buyers.
There are 837 homebuyers whose claims have been admitted. Their admitted claims total Rs 409 crore. The total claim amount admitted by the company, including from lenders and operational creditors, is Rs 6,642 crore. The resolution plan envisages the delivery of fully constructed properties to homebuyers within a period of five years of receiving environmental clearance on an actual cost basis. Homebuyers will have to pay actual future construction costs to Darwin towards obtaining constructed properties in the project. Read more...