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

Lutyens Delhi Records ₹1260 Crore Residential Transaction In Rare Bungalow Sale

Lutyens Delhi Records ₹1260 Crore Residential Transaction In Rare Bungalow Sale

One of India's most valuable residential real estate transactions has emerged from New Delhi's prestigious Lutyens Bungalow Zone, where a sprawling residential estate owned...
DS Group Brings Marriott W Hotel To Delhi NCR Through New Luxury Hospitality Development

DS Group Brings Marriott W Hotel To Delhi NCR Through New Luxury Hospitality Development

A new luxury hotel development planned for the National Capital Region is set to add fresh momentum to Delhi NCR's evolving hospitality landscape, reflecting...
Bengaluru Housing Market Gains New ₹800 Crore Development Site Through Puravankara Acquisition

Bengaluru Housing Market Gains New ₹800 Crore Development Site Through Puravankara Acquisition

A major land transaction in Bengaluru has reinforced confidence in the city's long-term housing market, with a leading residential developer acquiring a strategically located...
Bhartiya Urban Commits ₹1000 Crore For 1.5 Million Sq Ft Housing Project In North Bengaluru

Bhartiya Urban Commits ₹1000 Crore For 1.5 Million Sq Ft Housing Project In North...

A major residential development planned in North Bengaluru is set to add nearly 1.5 million square feet of housing space to one of the...
Jupiter Capital Backed Himalia Enters Bengaluru Region Through Eco Resort Acquisition

Jupiter Capital Backed Himalia Enters Bengaluru Region Through Eco Resort Acquisition

A hospitality asset acquisition on the outskirts of Bengaluru has highlighted growing investor interest in nature-focused tourism destinations as India's travel and leisure sector...