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

NCR Real Estate Repricing Reshapes Urban Growth

NCR Real Estate Repricing Reshapes Urban Growth

0
A sharp escalation in property values across India’s National Capital Region (NCR) is signalling more than a cyclical recovery, with analysts pointing to a...
Phoenix Mills Q4 Profit Jump Signals Retail Demand

Phoenix Mills Q4 Profit Jump Signals Retail Demand

0
A sharp rise in earnings at The Phoenix Mills during the March quarter underscores the growing strength of urban consumption hubs, even as questions...
Ahmedabad Office REIT Deal Signals Market Shift

Ahmedabad Office REIT Deal Signals Market Shift

0
A large office asset transaction in Ahmedabad has brought the city into India’s expanding real estate investment trust (REIT) ecosystem, marking a shift in...
India Real Estate Shifts Toward JDA Partnerships

India Real Estate Shifts Toward JDA Partnerships

0
Across India’s fast-expanding urban centres, a structural shift is underway in how land is brought into development, with Joint Development Agreements (JDAs) increasingly replacing...
India Real Estate Investments Reshape Urban Growth

India Real Estate Investments Reshape Urban Growth

0
India’s property sector has opened 2026 with an unprecedented surge in funding, as real estate investments touched a record USD 5.1 billion in the...