Real estate company Supertech Ltd announced that it plans to raise approximately Rs 300 crore to expedite construction at its active projects throughout the Delhi-NCR market.
After receiving orders from the National Company Law Appellate Tribunal (NCLAT), dated June 10, allowing the company to continue project execution at all projects and limiting the scope of the corporate insolvency resolution process ordered by NCLT earlier. Supertech told the media that it resumed construction in full swing at all of its projects. On June 10, the NCLAT ordered that only one of Supertech's housing projects, not the entire company, would begin the insolvency process. It also directed the constitution of a Committee of Creditors (CoC) for just that project. The Greater Noida project Eco Village II was the only one to be included in the Corporate Insolvency Resolution Process (CIRP) by a two-member NCLAT bench (west). The chairman of Supertech, R K Arora, stated that the organisation would deliver homes to allottees while paying off the bank debt following the NCLAT's directives. According to Arora, the construction projects have resumed after being put on hold following the previous NCLT Order. The company is prioritising flats that can be supplied in the next three months, and as of right now, 1,156 labourers are working on all 16 projects. Before this, the NCLT ordered the business and all of its projects to begin the CIRP in response to a petition filed by the Union Bank of India. Arora claimed that the company appealed the orders before NCLAT with a Resolution-cum-Settlement Plan to be granted permission to finish the building since they were upset by the decisions and to address the concerns of the property buyers. Image Source
