+
Bank of Baroda approves resolution plan for Supertech Dehradun project
ECONOMY & POLICY

Bank of Baroda approves resolution plan for Supertech Dehradun project

Bank of Baroda, a key lender to the Supertech Group, has approved the resolution plan for the company's stalled Dehradun project, paving the way for the delivery of homes to over 600 buyers. This marks the first project to receive lender approval after Supertech submitted project-wise resolution plans to the National Company Law Appellate Tribunal (NCLAT).

The bank has also consented to the inclusion of a co-developer to help revive the project. According to RK Arora, chairman of Supertech Group, the company has partnered with a local developer to resume construction. Supertech now aims to secure approvals from other lenders for its remaining projects. Notably, Bank of Baroda rejected a proposal from NBCC to take over the project, opting instead for Supertech’s resolution.

In a separate development, Kotak Investment Advisors Ltd (KIAL) has committed Rs 4.5 billion to Supertech’s stalled ‘Supernova’ mixed-use project in Noida. The 5 million sq ft project, located in Sector 94, is currently 50% complete and includes the tallest residential tower in the NCR region. The project is expected to generate more than Rs 70 billion upon completion, according to Supertech's proposal to the Noida Authority.

The successful revival of Supernova is anticipated to help Supertech address delays in its other projects, as the company still needs to deliver over 15,000 homes. With total liabilities of around Rs 80 billion, Supertech’s receivables from current and upcoming projects exceed Rs 140 billion, giving the projects a positive net worth. The developer has also submitted a revival proposal to the Uttar Pradesh government and is in the process of selling land parcels to repay lenders and expedite construction.

(ET)

Bank of Baroda, a key lender to the Supertech Group, has approved the resolution plan for the company's stalled Dehradun project, paving the way for the delivery of homes to over 600 buyers. This marks the first project to receive lender approval after Supertech submitted project-wise resolution plans to the National Company Law Appellate Tribunal (NCLAT). The bank has also consented to the inclusion of a co-developer to help revive the project. According to RK Arora, chairman of Supertech Group, the company has partnered with a local developer to resume construction. Supertech now aims to secure approvals from other lenders for its remaining projects. Notably, Bank of Baroda rejected a proposal from NBCC to take over the project, opting instead for Supertech’s resolution. In a separate development, Kotak Investment Advisors Ltd (KIAL) has committed Rs 4.5 billion to Supertech’s stalled ‘Supernova’ mixed-use project in Noida. The 5 million sq ft project, located in Sector 94, is currently 50% complete and includes the tallest residential tower in the NCR region. The project is expected to generate more than Rs 70 billion upon completion, according to Supertech's proposal to the Noida Authority. The successful revival of Supernova is anticipated to help Supertech address delays in its other projects, as the company still needs to deliver over 15,000 homes. With total liabilities of around Rs 80 billion, Supertech’s receivables from current and upcoming projects exceed Rs 140 billion, giving the projects a positive net worth. The developer has also submitted a revival proposal to the Uttar Pradesh government and is in the process of selling land parcels to repay lenders and expedite construction. (ET)

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code