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

Talcher Coalfields Review Signals Output And Efficiency Push

Talcher Coalfields Review Signals Output And Efficiency Push

0
A high-level operational review at Odisha’s Talcher coalfields is signalling a renewed push towards efficiency, technology adoption, and sustainable mining practices, as India strengthens...
Coal India Expands Into Energy Storage Segment

Coal India Expands Into Energy Storage Segment

0
A major investment in battery-based energy storage in Telangana marks a strategic shift for Coal India Limited, signalling how traditional mining companies are repositioning...
India Coal Use Surges Amid Global Energy Crisis

India Coal Use Surges Amid Global Energy Crisis

0
A global energy disruption triggered by conflict in West Asia is pushing India and other major economies back towards coal, highlighting the fragile balance...
NLC India Coal Production Strengthens Energy Supply

NLC India Coal Production Strengthens Energy Supply

0
India’s push for energy security and infrastructure expansion has taken a step forward with the commencement of coal production at a key mining block...
Berger Paints Faces Pressure From Rising Crude Costs

Berger Paints Faces Pressure From Rising Crude Costs

0
India’s decorative paints sector is entering a challenging phase as rising crude oil prices begin to strain cost structures, with Berger Paints facing increasing...