The renowned Supertech group is all geared up to raise fund from OakTree financial for the completion of its stalled project.
Mohit Arora, Managing Director, Supertech said that the company is looking forward to raise a fund of more than Rs. 1200 Cr to complete and deliver residential projects. The statement came after Supreme Court not to interfere in NCLAT order of June 2022, which allowed Supertech’s promoters to raise funds on priority funding basis and complete the projects.
Arora said, “The NCLAT had also said not to form COC and not to proceed with IBC bidding process. Supertech has arranged priority funding from one of the largest funds in the world, OakTree Financial. With the help of this priority fund, Supertech will complete all its projects on next 2 years and deliver all its commitments to homebuyers, bankers, lending institutions, and land authorities.
The Supertech group has already submitted its fund raise proposal to NCLAT but couldn’t raised the fund, as some lenders moved to the Supreme Court. However, the Supertech group will now approach the NCLAT again after the passing of judgment by the hon’ble Supreme Court.
After this decision, Supertech’s Eco Village II project and other projects will continue in an unobstructed manner, the National Company Law Appellate Tribunal (NCLAT) has ruled.
Prior to this, the National Company Law Tribunal (NCLT) ordered CoC to take over Supertech Ltd, The developer has several ongoing realty projects in the National Capital Region (NCR).
Although homebuyers have moved NCLAT against the order.
NCLAT said that CoC is limited to only one project, however, the remaining projects can be built under the supervision of the insolvency resolution professional (IRP). The proceedings against Supertech started after the developer failed to pay Rs. 431 crores to a consortium of banks. Â
As per the original petition, Supertech had in 2013 availed a credit facility of Rs. 350 crore from a consortium of banks to partially fund its Eco- Village II project. This project is located in Greater Noida region. According to the petition, the developer didn’t pay the funds regularly and since July 2019, it halted entire repayment of the amount.
