Supertech in talks to raise Rs 300 crore, resumes construction on delayed projects

Realty developer Supertech is in talks to raise Rs 300 crore as it has resumed construction on its project.

NCLAT had earlier directed that the CoC be limited to just one project and that the other projects be constructed under the supervision of the insolvency resolution professional (IRP).

According to management, company has tied up with investors to accelerate construction and is now focusing on meeting the target of delivery.

The company has in hand investment offers of approximately Rs 300 crore, which would help them to augment construction and delivery.

“The company will comply with the orders of the NCLAT by implementing the resolution plan and delivering homes to allottees while clearing the debt of banks. Construction which had stopped due to the uncertainty after the previous NCLT Order, has now started,” said R K Arora, Chairman of Supertech Ltd.

According to Arora, as on date, over 1000 labourers are working at all 16 projects and the company’s priority is to concentrate on flats which can be delivered in next 3 months.

Homebuyers have also deposited Rs 7.09 crore in the last 10 days.

The proceedings against Supertech came after it defaulted on payment of Rs 431 crore to a consortium of banks.

The NCLAT order offered relief to homebuyers as about 7,000 owners belonging to various associations had sought the appellate body’s immediate intervention to allow Supertech’s promoters to carry on construction to meet delivery timelines.