NCLT Approves Resolution Plan for Revival of Lavasa hill city: Residents Relieved
In a major development, the National Company Law Tribunal (NCLT) has given its nod to a revised resolution plan submitted by Darwin Platform Group of Companies for the revival of Lavasa hill city in Pune district. This decision comes as a huge relief for the residents who have long been demanding proper amenities and the completion of construction work.
The Mumbai-based Darwin Platform Infrastructure Limited (DPIL) received support from the Committee of Creditors in 2021 for its bid to take over Lavasa hill city. This has given hope to many investors who have been eagerly awaiting the completion of this ambitious project, according to members of the Lavasa Apex Association.
Lavasa hill city has been grappling with a lack of amenities and deteriorating infrastructure for a while now. Minoo Wadia, the President of the apex body of the association, expressed his satisfaction with the takeover, stating that it brings fresh hopes of revival for the 2,000 property owners.
After almost five years since the initiation of the insolvency resolution process, the National Company Law Tribunal has finally approved a resolution plan worth Rs1814 crore for the revival of this private hill station. In addition, the NCLT has directed the resolution professional to transfer all records, premises, and documents to the resolution applicants, in order to finalize the necessary course of action for commencing operations as envisioned in the plan.
This decision by the NCLT is expected to pave the way for significant improvements in Lavasa hill city. The resolution plan offers a glimmer of hope for the residents, who have patiently waited for years for this day to arrive. With the takeover now approved, the focus can shift towards addressing the existing issues and ensuring a better future for the hill city.
The approval of the resolution plan also signifies a turning point for the investors and stakeholders involved in the Lavasa project. It marks the beginning of a new phase, characterized by renewed efforts to complete the construction and deliver the promised amenities.
Overall, the NCLT’s decision has brought a sense of optimism and relief to the residents of Lavasa. With the revised resolution plan in place, there is renewed hope for the revival of the hill city and the fulfillment of long-awaited expectations. It is now crucial for all parties involved to work together to ensure the smooth execution of the plan and to transform Lavasa into a thriving and vibrant destination once again.
