NCLAT Clears Supertech to Resume Work on Doon Square in Dehradun

01 Oct 2024 CW Team

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.

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