This will be the first acquisition of NARCL after it was formed two years ago with the aim to acquire bad loans from Indian banks. NARCL, which gave the highest offer among the three bidders, will now seek approval from the Reserve Bank of India to acquire Srei Equipment Finance and Srei Infrastructure Finance.
A revised plan was submitted after the tribunal had directed lenders of Lavasa Corp to consider an equitable distribution of proceeds from the sale of the township developer and its two units to winning bidder Darwin Platform Infrastructure.
The Mumbai bench of the National Company Law Tribunal (NCLT) Friday approved a revised and improved resolution plan submitted by Darwin Platform Infrastructure for the revival of Lavasa Corp., which was formed to build Indias first modern hill town after Independence.