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)

Infrastructure Transport

05 Feb 2026

MMRDA Installs 325-Tonne Steel Spans on Mumbai Metro Line 4

The Mumbai Metropolitan Region Development Authority (MMRDA) has achieved a key construction milestone on Metro Line 4 with the successful installation of three large steel spans at Bhandup West during overnight operations.The spans, together weighing 325 metric tonnes, were launched using eight heavy-duty cranes and 12 multi-axle vehicles. The operation required precise engineering and meticulous planning to minimise disruption in the densely populated suburban area.Due to effective inter-agency coordination, the work—originally scheduled across four nights—was completed within just two n..

CMRL Targets March 2027 Opening for Vadapalani–Panagal Park

Chennai Metro Rail Limited (CMRL) is progressing as scheduled to open the Vadapalani–Panagal Park section of Phase II’s Corridor 4 by March 2027. The 3.5 km underground stretch is part of the 26.1 km Corridor 4 connecting Lighthouse with Poonamallee Bypass.Construction activities are advancing steadily, with tunnelling works between Vadapalani and Panagal Park already completed. Track-laying operations are expected to commence shortly. At Panagal Park station, structural works have reached the concourse and platform levels, while excavation continues at the lowest level.CMRL is also consid..

Maha-Metro Invites Pune Metro Civil Maintenance Bids

Maharashtra Metro Rail Corporation Limited (Maha-Metro) has invited bids for the annual civil maintenance contract of the Pune Metro Rail Project. The tender, bearing ID and number P1-O&M-20/2025, is scheduled to close on 23 February 2026, with a pre-bid meeting slated for 10 February 2026. The earnest money deposit (EMD) for the contract is Rs 3,50,500, and the duration of the contract is one year.The scope of work includes annual civil maintenance of 28 elevated and underground stations, 28.079 km of elevated viaduct including steel bridges, 12.15 km of tunnels, and two depots under the ..