The Noida authority said that the Kotak Investment Advisors has agreed to take over Supertech Supernova project, which was delayed due to the fund crisis being faced by the realty firm, Supertech Realtors Private Limited — one of the subsidiaries of Supertech Group. On July 3, the National Company Law Tribunal (NCLT) asked the realty firm to take steps to settle the financial issues with their lenders and stakeholders, the authority added. “The Kotak Investment Advisor requested for the approval of the building layout maps, registry and also take steps to issue no-objection certificates (NOCs) for the Supernova project.
If we issue these NOCs and give the required approvals, then the homebuyers will be able to execute the registries of their respective units in this project. We will take appropriate action to address the issues,” said Lokesh M, chief executive officer of the Noida authority. Also Read: ATS, Supertech may lose group housing land near Noida airport The Supertech Realtors Private Limited on Tuesday said that now with the Kotak Investment Advisor infusing the funds, this project will be revived and homebuyers will get justice.
“We planned to bring Kotak into the Supernova project to pay back the existing lenders and arrange funding to complete the construction. Kotak’s proposal is approved by the Noida board as the authority’s payment will be made through escrow payments. Kotak will infuse ₹ 310 crore in repayment to existing landers and ₹ 450 cro.