Supertech owes dues worth Rs 3,358 crore to three authorities in Gautam Budh Nagar

Supertech CMD RK Arora

Noida-based real estate firm, Supertech Group, owes dues worth at least Rs 3,358 crore to three development authorities in Gautam Budh Nagar.

Officials said that after the arrest of company’s chairman and managing director (CMD) RK Arora by the Enforcement Directorate (ED) earlier this week, the payment of these dues is likely to become more difficult.

The three development authorities in Gautam Budh Nagar district are Noida Authority, Greater Noida Industrial Development Authority (GNIDA) and Yamuna Expressway Industrial Development Authority (YEIDA).

The ED had arrested Arora on June 27 for alleged money-laundering of bank loans worth Rs 1,500 crore and a Delhi court had sent him to ED custody till July 10.

According to officials, the Supertech Group has dues to the tune of at least Rs 3,358 crore with the three authorities.

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Prinicipal Correspondent|moneycontrol

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“The Group’s total dues with GNIDA stand around Rs 1,429 crore, and Rs 1,100 crore with YEIDA. Similarly, the real estate firm has dues worth at least Rs 829 crore with its group housing projects in Noida Authority,” officials told Moneycontrol.

Supertech Group refused to comment on these developments.

Officials said that around four group housing projects of the Supertech Group are with the National Company Law Tribunal (NCLT).

Also Read: SC gives go-ahead to resolution plan submitted by Supertech before insolvency court

They include two group housing projects in Noida -- Supertech Capetown in Sector 74 and Ecociti in Sector 137 – Ecovillage 2 in Greater Noida sector 16B, and Supertech Upcountry in YEIDA Sector 17A.

Officials said that multiple notices were issued to the builder but the dues are yet to be recovered.  “Now, after Arora’s arrest, the recovery of dues will only get difficult and the progress of its projects is also likely to get hampered,” an official of the Greater Noida Authority said.

On May 8 this year, the Gautam Budh Nagar district administration had briefly detained Arora for failure to pay dues worth Rs 33 crore against the recovery certificates (RCs) issued by the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) against him.

Arora was later released after he assured the administration that he would pay up the amount in a time-bound manner. Apart from Gautam Budh Nagar, Supertech also has real-estate projects in Ghaziabad, Meerut, Moradabad, Dehradun, Haridwar, and Rudrapur.