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Supertech plans to raise around Rs 300 Crore to expedite construction at its ongoing projects

Real estate company Supertech Ltd announced on Wednesday that it intends to raise approximately Rs 300 crore to quicken construction at its active projects throughout the Delhi-NCR market.

Supertech twin towers.

Supertech twin towers.

Realty firm Supertech Ltd on Wednesday said it plans to raise about Rs 300 crore to expedite construction activities at its ongoing projects across the Delhi-NCR market. In a statement, Supertech said it has "resumed construction in full swing" at all its projects after the orders of 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 corporate insolvency resolution process ordered by NCLT earlier.

"The company has tied up with investors to accelerate construction … The company has in hand investment offers of approximately Rs 300 crore which would help them to augment construction and delivery," Supertech said. On June 10, the NCLAT ordered starting of insolvency proceedings in only one of the housing projects of realty firm Supertech and not the entire company, and directed constitution of the Committee of Creditors (CoC) for the said project only.

A two-member NCLAT bench limited the Corporate Insolvency Resolution Process (CIRP) to only 'Eco Village II' project located at Greater Noida (west). R K Arora, Chairman of Supertech, said the company would comply with the orders of the NCLAT by delivering homes to allottees while clearing the bank debt.

Arora said the construction works which were halted due to the uncertainty after the previous NCLT Order, has now started in full swing. As on date, 1,156 labourers are working at all 16 projects and the company's priority is to concentrate on flats which can be delivered in next three months, he added.

Earlier, on a petition filed by Union Bank of India, the NCLT had ordered commencement of Corporate Insolvency Resolution Process (CIRP) on the company along with all its projects. Aggrieved by the orders and to address the concerns of the home buyers, Arora said the company appealed before NCLAT along with a Resolution-cum-Settlement Plan, seeking to allow them to complete construction.

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PTI
first published: Jun 22, 2022 06:47 pm
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