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 crore for construction, and ₹ 50 crore upfront payments will be made to the Noida authority,” said RK Arora, chairman of the Supertech Group.
The Noida authority said that the Kotak investment advisor will infuse ₹ 450 crore in the Supernova project, the total cost of which is pegged at ₹ 7,000 crore. Also Read: 7 things real estate investors should keep in mind before buying property in Greater Noida and Noida “On July 12, the Noida authority board approved many proposals for the Supernova projects, including free three-year extension due to Covid-19 pandemic that affected the construction and nod to open an escrow account to collect revenue following selling of assets in this project. Also, the board has allowed the verification of Supernova project by a private agency to determine the sold and unsold inventory in this project,” added Lokesh.
The Noida authority had on March 28, 2011 through e-auction sold 70,002 square metre land parcel for a commercial project in Sector 94 near the Kalindi Kunj border, said officials. The authority had to recover ₹ 2,245.82 crore in installment and lease rent, and ₹ 1073.
47 crore in extension charges from Supertech Realtors Private Limited. In total, Supertech Realtors Private Limited owes ₹ 3319.29 crore land cost dues to the Noida authority and the realtor had been failing to clear its dues despite repeated notices issued in the past, said officials.
NCLT had, on June 12, initiated corporate insolvency resolution process (CIRP) against Supertech Realtors Private Limited, which was developing a commercial tower at the Supernova project in Sector 94, after it failed to pay a debt of ₹ 150 crore to the Bank of Maharashtra, in pursuance to an order issued by NCLT on June 12. Supertech Group’s ambitious Supernova project has a total of four towers, Nova East, Nova West, Astralis, which have been delivered, and Spira, which is under construction. The skyscrapers have 80 floors and is touted to be the tallest buildings in Delhi-NCR at a height of 300 metres.
Also Read: Noida authority ultimatum to realtors: Pay dues after waiver or face action The dispute between Bank of Maharashtra and Supertech Realtors over the default in payment has been going on since 2018. Finally in 2022, the bank filed a plea before NCLT, dragging the realtor into CIRP. Of the total financial assistance of ₹ 735.
58 crore, Supertech Realtors on December 19, 2012, requested the Bank of Maharashtra to grant it credit facilities of ₹ 150 crore to partially finance the construction of residential apartments, office, retail and luxury hotel in the name and style of “Supernova” at a cost of ₹ 2,326.14 crore on land measuring 70,002 square metres, but failed to repay the debt, said the NCLT order. Supertech Group requested settlement from NCLT that allowed the same.
And now finally the authority board has also given approval paving way for the solution of this delayed project..
