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)

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..