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

Raipur Adds Fresh Hotel Capacity As Economy Expands

Raipur Adds Fresh Hotel Capacity As Economy Expands

Raipur is set to add a new 151-room hotel as Indian Hotels Company Limited (IHCL) signs a greenfield Gateway project in the Chhattisgarh capital....
JSW Karnataka Investment Plan Targets New Growth

JSW Karnataka Investment Plan Targets New Growth

Karnataka is set to see a major industrial investment push, with the JSW Group planning to deploy about ₹1.20 lakh crore across the state...
Amaravati RBI Facilities Push Capital City Development

Amaravati RBI Facilities Push Capital City Development

A ₹780 crore construction contract for Reserve Bank of India facilities is set to add another institutional anchor to Amaravati, covering office infrastructure and...
NITI Aayog Links Land Reform To Industrial Growth

NITI Aayog Links Land Reform To Industrial Growth

India’s ability to attract larger industrial investments could depend partly on how quickly states make land acquisition and development more predictable, according to a...
Aerocity Draws Fresh Flexible Office Investment

Aerocity Draws Fresh Flexible Office Investment

Delhi’s Aerocity is attracting another large flexible-workspace commitment, with Smartworks taking about 1.41 lakh sq ft at 4 Worldmark, a commercial development by Bharti...