Tuesday, December 6, 2022
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Supertech to sell hotel-mall for unfinished projects, preparing to raise Rs 1,000 crore

Supertech Developers Update: Supertech Ltd. of Noida has taken a big step to complete its unfinished project. Let us tell you that in order to deliver the remaining unfinished projects on time, Supertech is going to raise money by selling the company hotels and shopping malls. These hotels and shopping malls are located in Meerut and Haridwar.

The company will raise so much money
Supertech Developer says that the company plans to sell 4 commercial properties in Meerut and Haridwar for Rs 1,000 crore. This is being done for speedy construction of existing projects and repayment of loans. According to sources, the company had already put up commercial properties for sale, but this could not be done due to the Kovid epidemic. Supertech Limited said that it has set a target of raising Rs 1,000 crore by selling all the four properties. Supertech has 1-1 shopping malls and 1-1 hotels in Meerut and Haridwar.

Action taken after bankruptcy order
On June 10, an order was issued by the National Company Law Appellate Tribunal (NCLT). In this, there is an order to run insolvency process against Supertech Limited’s Project Eco Village-2 of Greater Noida West. A committee of creditors has been constituted for this project. Earlier on March 25, NCLAT had ordered for insolvency proceedings against Supertech Ltd. In this regard, Union Bank owes 432 crores to Supertech. Due to which Union Bank has filed a petition.

Why is the property being sold?
Supertech Chairman and Managing Director R. Of. Arora says that NCLAT has asked him to settle the disputes of the defaulters at the earliest. Due to the Corona period, the old dues of the bank and other agencies could not be cleared. After this, the idea of ​​selling some properties has been made. After the order of NCLAT, the company is now going to deliver 923 flats of different projects.

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