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

Pune Commercial Property Attracts Institutional Capital

Pune Commercial Property Attracts Institutional Capital

Fresh commercial real estate transactions across Pune and Gurugram point to an evolving corporate property strategy in India's office market, where companies are monetising...
Ghaziabad Land Acquisition Fuels Planned City Growth

Ghaziabad Land Acquisition Fuels Planned City Growth

The Uttar Pradesh government has approved ₹943 crore for land acquisition linked to the proposed Harnandipuram Township Project in Ghaziabad, marking a significant step...
Yamuna Expressway Housing Project Fuels Urban Expansion

Yamuna Expressway Housing Project Fuels Urban Expansion

A large residential development planned along the Yamuna Expressway corridor has reinforced the region's emergence as one of northern India's fastest-growing urban expansion zones....
UP RERA Project Approvals Expand Urban Investment

UP RERA Project Approvals Expand Urban Investment

The Uttar Pradesh RERA approvals for ten new real estate projects across five districts have added fresh momentum to the state's regulated housing pipeline,...
Sri Lotus Juhu Redevelopment Expands Urban Renewal

Sri Lotus Juhu Redevelopment Expands Urban Renewal

A major redevelopment initiative in Mumbai's Juhu neighbourhood has added fresh momentum to the city's ageing housing renewal programme, with a premium residential project...