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

Adani Low Carbon Chemicals Back Industrial Transition

Adani Low Carbon Chemicals Back Industrial Transition

Adani Enterprises has entered a technology collaboration aimed at accelerating low emission chemical manufacturing in India,signalling growing industry interest in decarbonising one of the...
Hyderabad GCC Expansion Boosts Office Leasing Demand

Hyderabad GCC Expansion Boosts Office Leasing Demand

Hyderabad’s real estate market maintained a balanced trajectory during the first half of 2026, with steady residential demand accompanied by record commercial leasing activity...
India Steel Scrap Drives Sustainable Infrastructure

India Steel Scrap Drives Sustainable Infrastructure

Expanding the use of recycled steel scrap is emerging as a strategic priority for India’s steel sector as the country seeks to strengthen manufacturing...
India Stainless Steel Gains Real Estate Importance

India Stainless Steel Gains Real Estate Importance

Stainless steel is gaining greater prominence in India’s real estate and infrastructure sectors as developers increasingly prioritise durability,lower maintenance costs and long term environmental...
Indore Real Estate Conclave Focuses On Urban Transformation

Indore Real Estate Conclave Focuses On Urban Transformation

Indore is set to host a major Realty Conclave 2026, bringing together policymakers, urban planners, developers, investors and industry stakeholders to deliberate on the...