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

MahaRERA Links Planning Authorities For Real Time Checks

MahaRERA Links Planning Authorities For Real Time Checks

0
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has completed a statewide digital integration with all recognised planning authorities, enabling real-time verification of commencement permissions...
Kolte Patil Developers Enters Large Residential Partnership In Pune

Kolte Patil Developers Enters Large Residential Partnership In Pune

0
Kolte Patil Developers has strengthened its residential footprint in Pune by entering into a high-value joint development partnership for a large housing project in...
Larsen Toubro Deal Highlights Energy Transition Shift

Larsen Toubro Deal Highlights Energy Transition Shift

0
Larsen & Toubro has secured a large domestic infrastructure contract for a pumped storage project in Maharashtra, reinforcing its position in India’s energy transition...
Sattva Group Introduces New Premium Residential Community In West Bengaluru

Sattva Group Introduces New Premium Residential Community In West Bengaluru

0
West Bengaluru’s residential corridor along Mysore Road is witnessing renewed development momentum with the launch of a large premium housing project by Sattva Group,...
Dalmia Cement Secures Approval for Major Capacity Expansion

Dalmia Cement Secures Approval for Major Capacity Expansion

0
Dalmia Cement has received regulatory clearance from the Bihar government to significantly scale up production at its manufacturing facility in Rohtas district, marking a...