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 Steel Expansion Faces Input Cost Pressure

India Steel Expansion Faces Input Cost Pressure

India’s steel manufacturing sector is pressing for the removal of import duties on metallurgical coke, a critical industrial fuel used in blast furnace operations,...
Punjab Green Cement Push Targets Cleaner Growth

Punjab Green Cement Push Targets Cleaner Growth

Punjab is preparing for a new phase of industrial investment centred on low-emission construction materials, as a proposed Green Cement manufacturing facility in the...
India Cement Sector Faces Expansion Pressure

India Cement Sector Faces Expansion Pressure

India’s cement sector is entering a fresh phase of consolidation as Dalmia Bharat moves to acquire key cement assets formerly owned by Jaiprakash Associates,...
Gurugram Nissin ABC Logistics Lease Expands Jhajjar Warehousing Corridor

Gurugram Nissin ABC Logistics Lease Expands Jhajjar Warehousing Corridor

A major warehousing lease transaction in Haryana’s Jhajjar district is reinforcing the growing importance of the Gurugram logistics corridor within North India’s expanding industrial...
WeWork India Sees Rising Hybrid Workspace Demand

WeWork India Sees Rising Hybrid Workspace Demand

India’s managed office sector is continuing to expand across major metropolitan centres as companies increasingly adopt flexible workplace models amid changing workforce patterns and...