Divya Prata, Pune
The contract to purchase and restore India’s first private hill station has been awarded to Ajay Harinath Singh’s company, Darwin Platform Infrastructure Ltd (DPIL). The Rs 1,814 crore resolution plan for Lavasa by Darwin Platform was authorized by the National Company Law Tribunal (NCLT).
Nearly five years after the insolvency resolution procedure was started, there is positive news regarding the future of the private hill station near Pune. In August 2018, the NCLT accepted the lenders’ petition for the Insolvency and Bankruptcy Code (IBC) insolvency resolution process on behalf of the indebted Lavasa Corporation, the real estate firm of HCC.
We have been given a difficult assignment by the NCLT- to build a visionary smart city of the highest caliber anywhere in the nation, said Singh. He further added that the outcome would confirm their dedication to fostering the nation.
Singh went on to state that Lavasa is poised for an amazing comeback. DPIL is devoted to carrying out the strategy according to the CoC’s suggested timeline. We want to revive this big project, and we want to do it quickly, he said.
“The plight of homebuyers, along with the concerns of secured financial creditors, would not go unnoticed by DPIL. The company promises to include the stakeholders in the revival process and prioritise their needs,” he further claimed.
Businessman Ajay Harinath Singh, who is located in Mumbai, is the chairman and managing director of the Darwin Platform Group of enterprises. According to a Company Today report, the company group, which operates in a number of industries including real estate, automobiles, retail, infrastructure, shipping, mining, refineries, and finance, has a net value of $8.4 billion (more than Rs 68,000 crore).
The firm has economic interests in more than 11 countries and at least 21 public limited businesses. Singh graduated from Mumbai University. In 2009, he established the Darwin Group. The business that is buying Lavasa, DPIL, was founded in 2010.
In addition to Lavasa, Singh’s Darwin Platform Group has taken part in high-profile bids to buy Jet Airways, Air India, and the Shipping Corporation of India. He entered the bidding for the indebted Anil Ambani company Reliance Capital in 2022.