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

NMDC Steel Expansion Signals Industrial Corridor Shift

NMDC Steel Expansion Signals Industrial Corridor Shift

State run mining and steel producer NMDC has reported its strongest operational performance in recent years, reflecting rising demand from India’s infrastructure, construction and...
Gujarat Battery Materials Push Reshapes Industrial Growth

Gujarat Battery Materials Push Reshapes Industrial Growth

Gujarat is emerging as a critical node in India’s electric mobility supply chain as large-scale investments in battery materials manufacturing begin to reshape the...
Shree Cement ESG Standards Gain Market Attention

Shree Cement ESG Standards Gain Market Attention

India’s cement industry is facing growing scrutiny over its environmental and social performance, with sustainability metrics increasingly influencing investment decisions, infrastructure planning and corporate...
India Paint Sector Growth Faces Profit Pressure

India Paint Sector Growth Faces Profit Pressure

India’s paint manufacturers reported stronger demand during the January March quarter, driven by housing activity, renovation spending and expanding urban markets. However, the improvement...
India Paint Industry Eyes Housing Led Growth

India Paint Industry Eyes Housing Led Growth

India’s paint manufacturers are entering the second half of the year with cautious optimism, supported by housing demand, infrastructure activity and urban renovation trends,...