Supertech Ltd's Path to Recovery: Delivery Amidst Insolvency
Supertech Ltd, a real estate firm in the midst of insolvency proceedings, has delivered over 6,000 flats across 16 housing projects in recent years. With plans to deliver 1,000 more units and a proposed resolution plan involving Rs 500 crore infusion, the company aims to complete its projects within two years.
- Country:
- India
Despite facing insolvency proceedings, embattled real estate firm Supertech Ltd has managed to hand over possession of 6,121 apartments to its customers over the last three years. The delivery spans across various housing projects and is executed under the supervision of a resolution professional assigned by the National Company Law Tribunal (NCLT).
The NCLT had admitted Supertech Ltd to the Corporate Insolvency Resolution Process in March 2022. However, an appellate tribunal ordered that all projects, except Eco Village-II, be completed by the company's previous management under interim supervision. In a new development, Supertech's former chairman, RK Arora, announced plans to deliver 1,000 more flats soon.
Recently, Supertech, alongside Apex Heights Pvt Ltd, proposed a resolution plan to the Supreme Court. If approved, it will see a Rs 500 crore investment to finish all under-construction projects. This new plan promises completion within two years. Meanwhile, insolvency proceedings were also initiated against Supertech Group's Supertech Realtors, overseeing the ambitious Supernova project in Noida.
(With inputs from agencies.)
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