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

Deccan Cements Earnings Rise Amid Infrastructure Push

Deccan Cements Earnings Rise Amid Infrastructure Push

India’s urban construction economy continued to show signs of resilience as Deccan Cements reported a sharp rise in annual earnings, reflecting sustained demand from...
SAIL Shares Slip Amid Steel Market Caution

SAIL Shares Slip Amid Steel Market Caution

Steel Authority of India Limited (SAIL) closed lower in the latest trading session, reflecting mounting investor caution around industrial demand, construction activity and the...
Indian Steel Sector Sees Balance Sheet Recovery

Indian Steel Sector Sees Balance Sheet Recovery

India’s steel sector witnessed renewed investor confidence this week after a leading domestic steel manufacturer reported a sharp rise in annual profitability alongside a...
Jindal Stainless Targets Urban Consumer Expansion

Jindal Stainless Targets Urban Consumer Expansion

India’s largest stainless steel producer is sharpening its focus on urban households and lifestyle consumption, signalling a wider shift in how industrial manufacturers are...
Odisha Steel Sector Deepens Move Towards Gas Networks

Odisha Steel Sector Deepens Move Towards Gas Networks

Rourkela Steel Plant has moved to secure long-term natural gas access through a fresh supply arrangement aimed at strengthening industrial energy reliability in Odisha,...