NEW DELHI: The insolvency resolution process of Lavasa Corporation is nearing its conclusion after the National Company law Tribunal (NCLT) approved the Rs 1,814 crore resolution plan submitted by Darwin Platform Infrastructure (DPIL).
Lavasa Corporation, which has been credited with building India’s first smart city on Lavasa Hills in Pune, was declared bankrupt in August 2018, when a vendor -- Raj Infrastructure Private Ltd – filed an insolvency application and the same was admitted by NCLT.
The resolution plan provides for an investment of Rs 1,814 crore including a resolution amount of Rs 1,601 crore to be paid to different creditors over a period of nine years.
As per the resolution plan, Rs 1,152 crore will be paid to secured financial creditors, who had admitted claims of Rs 5,533 crore.
Unsecured financial creditors would receive Rs 442 crore against their claims of Rs 459 crore.
A sum of Rs 8.50 crore has been set aside for operational creditors, who had admitted claims of Rs 35 crore.
The resolution plan has made a provision of Rs 1.97 crore towards dues claimed by the government and statutory authorities.
The amount is 20.5% of the amounts claimed by the government and statutory authorities and will result in the same proportion of recovery as is being made by the financial creditors.