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

Mumbai Housing Shifts To Affordable Sea View Zones

Mumbai Housing Shifts To Affordable Sea View Zones

0
Mumbai’s housing market, long defined by high-value coastal real estate, is witnessing a gradual shift as buyers increasingly explore peripheral and emerging locations offering...
Andhra Pradesh Eases Taxes To Boost Housing

Andhra Pradesh Eases Taxes To Boost Housing

0
A policy shift in Andhra Pradesh is set to reduce the cost of holding land under development, with the state introducing a partial waiver...
India Real Estate Seeks Proof Beyond Green Labels

India Real Estate Seeks Proof Beyond Green Labels

0
India’s expanding portfolio of environmentally certified buildings is drawing scrutiny as experts warn that the absence of verified operational data is masking their true...
Phoenix Mills Q4 Results Signal Retail Shift

Phoenix Mills Q4 Results Signal Retail Shift

0
A major retail-led developer is preparing to outline its financial performance and future direction as it convenes a scheduled Phoenix Mills earnings call at...
Mumbai MHADA Redevelopment To Impact 75000 Residents

Mumbai MHADA Redevelopment To Impact 75000 Residents

0
A sweeping urban renewal push is taking shape in Mumbai, where a large-scale Mumbai MHADA redevelopment programme aims to transform ageing housing colonies across...