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

NMMC Directs CIDCO To Correct Pollution Violations At Two Project Sites

NMMC Directs CIDCO To Correct Pollution Violations At Two Project Sites

0
The Navi Mumbai Municipal Corporation (NMMC) has formally issued notices to the City and Industrial Development Corporation (CIDCO) over alleged breaches of pollution control...
Mumbai Residents Gain Major Relief As State Approves Revised Non OC Amnesty Scheme

Mumbai Residents Gain Major Relief As State Approves Revised Non OC Amnesty Scheme

0
Mumbai residents living in buildings without an occupation certificate (OC) received significant relief after the state urban development department approved a revised amnesty scheme...
Kalyan Affordable Homes Affected By Virar Alibaug Multimodal Corridor Alignment

Kalyan Affordable Homes Affected By Virar Alibaug Multimodal Corridor Alignment

0
An affordable housing project planned in Kalyan has emerged as an early casualty of the Virar–Alibaug Multimodal Corridor, highlighting the growing tension between large-scale...
CREDAI Nashik Metro Honours Real Estate Excellence At Annual Industry Awards Ceremony

CREDAI Nashik Metro Honours Real Estate Excellence At Annual Industry Awards Ceremony

0
Nashik’s real estate sector took centre stage this week as industry leaders, policymakers and urban experts gathered for the CREDAI Nashik Metro Real Estate...
Maharashtra Sees Sluggish MahaRERA Recoveries With Only 33 Percent Of Rs 792 Crore Collected

Maharashtra Sees Sluggish MahaRERA Recoveries With Only 33 Percent Of Rs 792 Crore Collected

0
Maharashtra’s real estate regulatory authority continues to struggle with enforcing monetary recoveries, with official data showing that only about 33 per cent of the...