Bank of Baroda approves resolution plan for Supertech Dehradun project

13 Sep 2024 CW Team

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)

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