+
NCLAT Clears Supertech to Resume Work on Doon Square in Dehradun
ECONOMY & POLICY

NCLAT Clears Supertech to Resume Work on Doon Square in Dehradun

The National Company Law Appellate Tribunal (NCLAT) has granted approval for Supertech to resume construction of its Doon Square project in Dehradun. This decision follows the submission by Supertech that the lender, co-developer, and homebuyers had all accepted its proposal to complete the stalled project.

The approval paves the way for the project’s completion within 515 days, or just over one year and four months. Out of the 750 planned units, only 150 studio apartments have been delivered, with the remaining awaiting completion.

Supertech’s proposal, submitted to NCLAT, was accepted by the project's sole lender, Bank of Baroda, through a one-time settlement and repayment plan. Co-developer EBI Projects & Developments LLP has already deposited ?75 lakh as upfront payment, with ?42.5 million to be paid after NCLAT's approval and the remaining ?530 million in installments over 12 months.

The project has also received the consent of homebuyers, and an intervention application supporting Supertech’s request was filed. The interim resolution professional (IRP), Hitesh Goyal, confirmed there were no objections from stakeholders, clearing the way for construction to resume.

The tribunal’s decision, delivered on September 25, marks a key step toward the completion of the much-delayed Doon Square project.

The National Company Law Appellate Tribunal (NCLAT) has granted approval for Supertech to resume construction of its Doon Square project in Dehradun. This decision follows the submission by Supertech that the lender, co-developer, and homebuyers had all accepted its proposal to complete the stalled project. The approval paves the way for the project’s completion within 515 days, or just over one year and four months. Out of the 750 planned units, only 150 studio apartments have been delivered, with the remaining awaiting completion. Supertech’s proposal, submitted to NCLAT, was accepted by the project's sole lender, Bank of Baroda, through a one-time settlement and repayment plan. Co-developer EBI Projects & Developments LLP has already deposited ?75 lakh as upfront payment, with ?42.5 million to be paid after NCLAT's approval and the remaining ?530 million in installments over 12 months. The project has also received the consent of homebuyers, and an intervention application supporting Supertech’s request was filed. The interim resolution professional (IRP), Hitesh Goyal, confirmed there were no objections from stakeholders, clearing the way for construction to resume. The tribunal’s decision, delivered on September 25, marks a key step toward the completion of the much-delayed Doon Square project.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Assam Gets Approval For 350,000 PMAY Homes

Assam Chief Minister Himanta Biswa Sarma met Union Agriculture Minister Shivraj Singh Chouhan in New Delhi, where the minister handed an approval document for 310,000 new homes under the Pradhan Mantri Awas Yojana. The chief minister subsequently posted on X expressing gratitude and noting that the minister had formally handed approval for 380,000 homes as well. The release and the social media post contained varying figures, with broader references to 350,000 homes reported in some summaries. The approvals carry central assistance equivalent to Rs 50 billion (bn), corresponding to the five th..

Next Story
Infrastructure Urban

KPIGreen Achieves Highest Energised Capacity of 630+ MW DC

KPI Green Energy energised more than 630 MW DC of capacity in the June to August quarter, marking the highest quarterly addition in the company's history. The capacity was brought online across its Independent Power Producer (IPP) and Engineering, Procurement and Construction (EPC) businesses. The company said the achievement reflected the scale, speed and consistency of its project execution engine. The firm described the quarter as a material operational milestone since its founding. The milestone covers a diversified mix of IPP assets and projects executed under the EPC vertical, spanning u..

Next Story
Infrastructure Energy

Adani Energy Solutions Wins Rs 47 bn Maharashtra Transmission Project

Adani Energy Solutions has won a transmission contract in Maharashtra valued at Rs 47 billion (Rs 47 bn) to evacuate 4,500 megawatt (MW) of renewable and storage power. The company informed exchanges that the project will facilitate pumped storage potential near Satara and strengthen the inter-regional corridor between the Western and Southern grids. The award follows a competitive bidding process and will support renewable energy evacuation to major load centres in the state. The scope includes establishment of a 765/400 kV substation at Satara, construction of a Kolhapur-Satara 765 kV double..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code