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

Mangalam Cement Urges Investors To Convert Paper Shares

Mangalam Cement Urges Investors To Convert Paper Shares

Rajasthan-based Mangalam Cement has told shareholders that a special window is open to transfer and dematerialise physical share certificates bought or sold before April...
Bengaluru Startup Swaps Cement For Steel Plant Slag

Bengaluru Startup Swaps Cement For Steel Plant Slag

A Bengaluru startup is selling building materials that contain no cement, using slag from steel plants instead, in a bid to cut emissions from...
India Cements Director Vote Tests Cement Sector Oversight

India Cements Director Vote Tests Cement Sector Oversight

Shareholders of India Cements have approved a new board member nominated by the Life Insurance Corporation of India, but the ballot exposed a gap...
Puravankara Price Gains Test Urban Homebuyer Budgets

Puravankara Price Gains Test Urban Homebuyer Budgets

Home prices are rising far faster than the space being sold, according to September quarter figures from Puravankara, a developer with projects across nine...
Kolte Patil Turns To Mumbai Redevelopment Projects

Kolte Patil Turns To Mumbai Redevelopment Projects

A Pune developer has posted its strongest quarter on record even as buyers across the city hold back, showing how unevenly the housing slowdown...