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

Asian Paints Growth Push Meets Cost Pressure

Asian Paints Growth Push Meets Cost Pressure

India’s largest paint manufacturer is targeting stronger sales volumes in the coming financial year, even as escalating raw material costs and intensifying market competition...
Uttar Pradesh Paint Demand Drives Regional Expansion

Uttar Pradesh Paint Demand Drives Regional Expansion

As Uttar Pradesh witnesses a new cycle of industrial growth, housing construction and infrastructure investment, the state is increasingly emerging as a strategic market...
Andhra Pradesh Links Steel Growth To Skills

Andhra Pradesh Links Steel Growth To Skills

India’s vocational training ecosystem has moved into a new phase of industry participation after a strategic investment proposal linked to the Visakhapatnam industrial...
Nagarnar Steel Plant Nears Capacity Milestone

Nagarnar Steel Plant Nears Capacity Milestone

NMDC Steel Ltd has reported its first full year of profitability since commissioning its integrated steel operations at Nagarnar in Chhattisgarh, marking a significant...
Maharashtra Project Targets Industrial Carbon Reuse

Maharashtra Project Targets Industrial Carbon Reuse

India’s push to decarbonise heavy industry has gained momentum with a proposed green methanol venture that seeks to convert steel sector emissions into cleaner...