Home buyers allege fudging by Lavasa resolution winner

Buyers allege DPIL overstated assets and understated liabilities to win the resolution bid

- Gopika Gopakumar

• ₹1,914 cr of liability was claimed by DPIL in end-FY21
• ₹6,412 cr worth of dues is owed by Lavasa to financial creditors

The home buyers of Lavasa Corporation have alleged fudging of financial statements by Darwin Platform Infrastructure Ltd (DPIL), the company that won the bid to acquire Lavasa after completion of a resolution process. The home buyers allege this happened when DPIL submitted the resolution plan for Lavasa two years ago.

An affidavit to this effect was filed by Mukesh Mangale along with 135 more home buyers of Lavasa (there are in all 1,100 home buyers) in the Mumbai National Company Law Apellate Tribunal (NCLAT) on 27 November, which Mint has seen along with other relevant documents.

In the affidavit, the home buyers alleged that DPIL showed assets worth ₹4,167.5 crore at the end of fiscal year 2021 in the resolution plan as against only surplus of profit and loss account worth ₹10.7 crore in its filings with the ministry of corporate affairs (MCA).

Conversely, the affidavit states the company claimed a liability of ₹1,914 crore at the end of fiscal year 2021 in its resolution plan, when the actual liability stood at ₹8,290 crore in the MCA filings.