In a 25-page order passed on Friday, the tribunal cleared the resolution plan at an investment of ₹1,814 crore.
The amount includes a "resolution plan amount of ₹1,466.50 crore to be paid/ discharged from funds infused over multiple tranches into the corporate debtor by way of cash funding and instruments, being equity, Project inflows, loans, advances or a combination thereof," the order said. The corporate debtor is Lavasa.
A monitoring committee comprising the insolvency professional (earlier resolution professional), one representative each from financial creditors and
"The resolution plan meets the necessary statutory requirements under the Code as well as the regulations, we hereby approve the same," the
The petition for the insolvency resolution process under the Insolvency and Bankruptcy Code (
Set up in 2010 and a part of the
"The NCLT has entrusted us with a challenging task to develop an ambitious world-class smart city in the country. The verdict would reinforce our commitment to nation-building. Lavasa is now on the cusp of a remarkable resurgence. DPIL is committed to executing the plan as per the schedule proposed to the CoC. We are very eager to revitalise this ambitious project," Singh said in a statement.
Giving assurance to homebuyers, 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".
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