HomeLatestSupertech Seeks Court Approval for Debt Settlement Plan

Supertech Seeks Court Approval for Debt Settlement Plan

Supertech, a key player in India’s real estate sector, has submitted a detailed resolution plan to the Greater Noida Authority, aiming to settle outstanding dues amounting to ₹900 crore. The proposal focuses on executing the registry of approximately 2,000 flats across three of its projects—Ecovillage 1, Ecovillage 3, and Czar Suites—all of which have received occupancy certificates (OCs).

Supertech, a prominent real estate developer, is currently embroiled in insolvency proceedings initiated by the National Company Law Tribunal (NCLT) on March 25, 2022. Although the company’s suspended board contested the insolvency order, the National Company Law Appellate Tribunal (NCLAT) permitted Supertech to continue its projects, excluding Ecovillage 2, under an Interim Resolution Professional (IRP).

In a recent move, Supertech submitted a resolution plan to the Greater Noida Authority, seeking to address outstanding dues of approximately ₹900 crore, a reduction from the initial claim of ₹1,103 crore. This adjustment includes a zero-period waiver on interest penalties incurred during the COVID-19 pandemic. The developer is pressing for the registry of 2,000 flats across Ecovillage 1, Ecovillage 3, and Czar Suites, which have received occupancy certificates (OCs). The proposal features an escrow mechanism for debt settlement, focusing on immediate principal payments while deferring interest until project completion. Additionally, Supertech seeks a three-year extension for project completion without incurring penalties and has requested the Authority’s approval for map re-validation and sub-leasing units.

However, the Greater Noida Authority remains skeptical, insisting on upfront payments rather than instalments. Compounding the situation, residents express frustration over delays in flat registration, raising concerns about accountability in the sector. As Supertech navigates these challenges, the outcome of its resolution plan will significantly impact both the company’s future and the lives of homebuyers awaiting their properties.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -spot_img

Most Popular

Recent Comments

Insights : Keval Valambhia

 War Shock & Realty: A Cost Crisis, Not a Demand Collapse The ongoing Iran–Israel–U.S. conflict is a stark reminder that global wars don’t stay confined...

Preface : Dr. Niranjan Hiranandani

 The rising geopolitical tensions around the Strait of Hormuz are a serious reminder of how interconnected global energy routes and domestic economic sectors have...

Foreword : Boman Irani

 For decades, we believed geopolitics belonged in chancelleries, not boardrooms. The Iran crisis has shattered that illusion—decisively and perhaps permanently.Today, a missile fired near...
Disney Signs Five Year Lease for 1.75 Lakh Sq Ft Office Space in Bengaluru

Disney Signs Five Year Lease for 1.75 Lakh Sq Ft Office Space in Bengaluru

A major office leasing transaction in Bengaluru has reinforced the city's position as India's leading destination for global occupiers, highlighting sustained demand for large-scale...
The Fern Launches New Vadodara Hotel Amid Expanding Hospitality Infrastructure

The Fern Launches New Vadodara Hotel Amid Expanding Hospitality Infrastructure

The addition of a new hospitality asset in Vadodara reflects the growing role of Tier-II cities in India's evolving travel, business and urban development...