The National Company Law Tribunal (NCLT), Mumbai Bench, comprising of Shri Kuldip Kumar Kareer (Judicial Member) and Shri Shyam Babu Gautam (Technical Member), while adjudicating a petition filed in the matter of Raj Infrastructure Development India Pvt. Ltd. v Lavasa Corporation Limited, has approved the resolution plan of Darwin Platform Infrastructure Limited for Lavasa Corporation Limited and its four subsidiaries. The consolidated Resolution Plan is valued at Rs. 1,814 Crores.
The Homebuyers would get fully constructed properties within five (5) years from the receipt of the Environmental Clearance, on an actual cost basis. Two exit alternatives have also been given to the Homebuyers, i.e. (i) Homebuyers can undertake self-construction of their properties, entirely at their own responsibility, costs and expenses; and (ii) Homebuyers not willing to wait for delivery of fully-constructed property, can seek final settlement of 40% of entire admitted claims.
Source : Live Law
