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.

Next Story
Infrastructure Energy

India Launches Forum To Boost Critical Mineral Mission

Union Minister for Coal and Mines, Shri G. Kishan Reddy, inaugurated the Critical Mineral Seminar and officially launched the NCMM Outreach Forum under the National Critical Mineral Mission (NCMM) in New Delhi. The event, held during a national seminar on critical mineral processing, highlighted the essential role of critical minerals in India’s clean energy transition, defence, digital economy, and advanced manufacturing.In his keynote address, the Minister stressed the need for robust collaboration between government bodies, industry, academia, and startups to establish a resilient and sel..

Next Story
Infrastructure Urban

Indian Navy To Induct ASW Vessel Arnala On 18 June

The Indian Navy is set to commission its first Anti-Submarine Warfare Shallow Water Craft (ASW-SWC), Arnala, on 18 June 2025 at the Naval Dockyard in Visakhapatnam. The commissioning ceremony will be presided over by Chief of Defence Staff, General Anil Chauhan, and hosted by Vice Admiral Rajesh Pendharkar, Flag Officer Commanding-in-Chief, Eastern Naval Command. Senior naval officials, dignitaries, and representatives from shipbuilders and associated agencies will be in attendance.This milestone marks the formal induction of the first of sixteen ASW-SWC class vessels, developed to enhance Ind..

Next Story
Infrastructure Urban

Modi Unveils Rs 460 Billion Projects in Jammu & Kashmir

Prime Minister Narendra Modi laid the foundation stone, inaugurated, and dedicated a series of development projects worth over Rs 460 billion in Katra, Jammu & Kashmir, marking a pivotal moment for the region’s infrastructure and growth. Hailing it as a tribute to India’s unity, the Prime Minister emphasised that with the blessings of Mata Vaishno Devi, the Kashmir Valley is now seamlessly connected to the nation’s railway network through the newly completed Udhampur-Srinagar-Baramulla Rail Line (USBRL) project.Among the key highlights were the inauguration of the Chenab and Anji bri..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?