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Mumbai: Resolution Plan approved by NCLT For Lavasa It envisages delivery of fully constructed properties to home buyers within a period of five years of obtaining environment clearance based on actual cost.
Home buyers will have to pay the actual future construction cost to Darwin to get the properties built in the project.
The order said, “In order to provide a transparent mechanism for construction cost, the Resolution Applicant (RA) proposes to constitute a ‘Construction Cost-Elimination Committee’ of 4 members, with equal representation from representatives of the FCCA/home buyers and the management team of the RA.”
NCLT technical and judicial members Shyam Babu Gautam and Kuldeep Kumar Kareer issued the order on Friday.
Mumbai-headquartered Darwin Group had earlier shown interest in the bidding process for Jet Airways and Reliance Capital. Chairman Ajay Harinath Singh is a first-generation entrepreneur, according to his group’s website. The top financial lenders of Lavasare are Union Bank of India, L&T Finance, Arcil, Bank of India and Axis Bank.
By whom was Lavasa, located in the Mulshi Valley in the Western Ghats near Pune, developed? Hindustan Construction Company In which a European style city was envisaged. Lavasa Corporation was granted permission to build the necessary infrastructure for a city.
After the company fails to meet its payment obligations, Raj Infrastructure Development India One of the creditors of Lavasa filed a bankruptcy petition against the company which was accepted in August 2018.
