In a recent development, the Bank of Baroda, one of the lenders in Supertech Group signalled green flag for the resolution plan of the company’s Dehradun project. The go-ahead plan will render housing units to more than 600 investors.
Supertech submitted a project-wise resolution plan to the National Company Law Appellate Tribunal (NCLAT). It is the maiden project by Supertech after receiving a sanction nod from the Bank of Baroda. The bank also approved the request to add a co-developer to the said project.
“We 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.
Prior to this, KIAL (Kotak Investment Advisor Ltd) decides to invest Rs. 450 Crore in Supertech’s Supernova project in Sector 94, Noida. Kotak group will pay Rs. 310 crore to current lenders for resuming the construction work of the project.
Supernova is the tallest residential tower of the National Capital Region in a 5 million sq ft area and is 50 percent complete. Post completion, it holds an estimated potential revenue of over Rs. 7,000 crore.
Supernova by Supertech has four towers – Spira, Astralis, Nova East, and Nova West. Spira is a mixed-use development with 80 floors. The developer has delivered some residential units, however, a mall and studio apartments are yet to be completed.
The company has already submitted its revival procedure to CM Yogi-led Uttar Pradesh State Government. Under the process, the sale of land parcels will render exit to lenders and the remaining funds will be used for the construction of stalled projects.
