M&A

M&A

Undone: NCLT dismisses Darwin Group's acquisition of hill station city Lavasa

Mint  

The National Company Law Tribunal (NCLT) has dismissed the resolution application of Darwin Platform Infrastructure Ltd (DPIL) for the acquisition of the hill station city near Pune, Lavasa. The tribunal has allowed creditors to restore the insolvency process.In April this year, ICICI Bank, on behalf of creditors, invoked DPIL's guarantee worth INR 25 crore citing failure to implement the resolution plan.DPIL's resolution plan submitted in December 2021 had proposed a total investment of INR 1,814 crore over eight years to lenders and construction of homes.