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

Bodoland Moves Ahead With Strategic Land Assembly for New Development Corridor

Bodoland Moves Ahead With Strategic Land Assembly for New Development Corridor

Authorities in the Bodoland Territorial Region have approved the acquisition of more than 400 bighas of land near Bismuri, setting the stage for a...
Noida Begins New Chapter in Media Infrastructure With Major Studio District Development

Noida Begins New Chapter in Media Infrastructure With Major Studio District Development

Construction activity has formally commenced on the first phase of a large-scale media and entertainment district in Noida, marking a significant step in Uttar...
Mumbai Becomes a Magnet for India’s Mobile Wealth as Luxury Housing Demand Widens

Mumbai Becomes a Magnet for India’s Mobile Wealth as Luxury Housing Demand Widens

Mumbai’s high-end residential market is increasingly attracting buyers from across India, signalling a shift in how affluent households view urban property ownership. Data from...
Aviom Restructuring Highlights Challenges In Affordable Housing Lending

Aviom Restructuring Highlights Challenges In Affordable Housing Lending

India’s affordable housing finance sector could witness a significant ownership transition as a resolution process involving nearly ₹936 crore moves towards completion, marking an...
Maharashtra Nifco Leases 22.3 Lakh Sq Ft For New Manufacturing Facility

Maharashtra Nifco Leases 22.3 Lakh Sq Ft For New Manufacturing Facility

A significant industrial space transaction in Maharashtra has highlighted the growing role of large-scale manufacturing investments in shaping the state's logistics corridors, employment centres...