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

India Metals Outlook Linked To Urban Expansion

India Metals Outlook Linked To Urban Expansion

India’s metal sector is drawing renewed attention from market analysts as expectations of sustained infrastructure spending, industrial investment and urban development continue to shape...
Maharashtra Steel Sector Expands Through Power Assets

Maharashtra Steel Sector Expands Through Power Assets

A recent acquisition of a power generation asset in Maharashtra by a steel sector company has highlighted the growing importance of energy security in...
India Steel Consumption Rises With Infrastructure Demand

India Steel Consumption Rises With Infrastructure Demand

India’s appetite for steel strengthened in May, reflecting sustained activity across infrastructure construction, housing development and industrial expansion. The rise in consumption offers a fresh...
Ambuja Cements Faces Demand And Cost Pressures

Ambuja Cements Faces Demand And Cost Pressures

India’s cement sector is entering a critical phase where expectations of stronger infrastructure-led growth are being weighed against persistent market pressures, including pricing volatility,...
India Infrastructure Push Drives Construction Innovation

India Infrastructure Push Drives Construction Innovation

India’s growing infrastructure pipeline is increasing demand for advanced construction technologies as public agencies, developers and engineering firms seek faster, safer and more resource-efficient...