Bank of Baroda approves resolution plan of Supertech’s Dehradun project, ET RealEstate

September 12, 2024
1 min read
Bank of Baroda approves resolution plan of Supertech’s Dehradun project, ET RealEstate


<p>Representative image</p>
Representative image

Bank of Baroda, one of the lender in Supertech Group has approved and sanctioned the resolution plan for company’s Dehradun project paving way for delivery of over 600 homebuyers.

The company had submitted a project-wise resolution plan in National Company Law Appellate Tribunal (NCLAT) and this is the first project which has got approval from the lender.

Bank of Baroda has also given its consent for the inclusion of co-developer in the project.

“We have tied up with a local developer to resume the stalled project. We will now seek further approvals from other lenders for other projects. Our aim is to secure approval for each project one by one. The bank has not shown interest in NBCC’s proposal of taking over the project and instead allowed us to resolve it,” said RK Arora, chairman of Supertech group.

Recently, Kotak Investment Advisors Ltd (KIAL) has agreed to invest Rs 450 crore in Supertech’s stalled mixed-use project in Noida, offering a major financial lifeline to the cash-strapped realty developer.

The 5 million sq ft ‘Supernova’ project in Sector 94 is currently 50% completed and it includes the tallest residential tower in the NCR region. On completion, the project has a revenue potential of more than Rs 7,000 crore, according to the proposal of Supertech to the Noida authority.

The revival of Supernova is expected to help Supertech resume its other projects which have been delayed for several years.

The Noida-headquartered property developer has to deliver over 15,000 homes. Supertech’s total liabilities including dues to banks and development authority total about Rs 8,000 crore, while project receivables from both launched and yet-to-be-launched projects exceed Rs 14,000 crore, making the projects’ net worth positive.

The company has already submitted a proposal to the Uttar Pradesh government for its revival. It is in the process of selling some land parcels to give exits to lenders and use the remaining funds to expedite construction on stalled projects.

  • Published On Sep 12, 2024 at 07:30 AM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles


Scan to download App
realty barcode



Source link

curationteam

Curation Team will curate content from different sources and present for you. We will not edit any content. Source link is provided for the source from where its received .

Leave a Reply

Your email address will not be published.

Edward Enninful Remasters Monets, LA’s Last Rattan Dealer Expands Online, and More News
Previous Story

Edward Enninful Remasters Monets, LA’s Last Rattan Dealer Expands Online, and More News

Arka launches alternative investment fund of Rs 500 crore, ET RealEstate
Next Story

Arka launches alternative investment fund of Rs 500 crore, ET RealEstate

Latest from Blog