Key Points
The Mumbai bench of the National Company Law Tribunal (NCLT) Friday approved a revised and improved resolution plan submitted by Darwin Platform Infrastructure for the revival of Lavasa Corp., which was formed to build Indias first modern hill town after Independence.Agencies..
A revised plan was submitted after the tribunal had directed lenders of Lavasa Corp to consider an equitable distribution of proceeds from the sale of the township developer and its two units to winning bidder Darwin Platform Infrastructure..
The division bench of judicial member Kuldip Kumar Kareer and technical member Shyam Babu Gautam approved the resolution plan of Rs 1,814 crore as against Rs 1,601 crore proposed earlier...
The resolution professional is further directed to hand over all records, premises/documents to the resolution applicant (Darwin Platform) to finalize the further line of action required for starting of the operation as contemplated under the resolution plan...
Approval of resolution plans by NCLT is always a welcoming move as it is a step forward in achieving the objective of IBC, which is value maximisation, said Akshat Khetan, founder of AU Corporate & Legal Advisory Services, Mumbai...
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