May 12, 2023: Developer Supertech plans to raise Rs 1,600 crore from investment firm OakTree Financial to complete stuck projects, company managing director Mohit Arora told media. According to Supertech chairman RK Arora, the company would finish all the projects and deliver those in a matter of two years.
“The NCLAT had also said not to form COC and not to proceed with the 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 in the next two years and deliver all its commitments to homebuyers, bankers, lending institutions and land authorities,” Mohit said.
Following an order by the Supreme Court (SC) on May 12, the embattled real estate company has been allowed to infuse fund that will help the NCR-based developer deliver over 20,000 pending housing units.
The top court has accepted a resolution plan submitted by the company to the National Company Law Tribunal (NCLT) while refusing to interfere with the latter’s order of June 2022.
“The result of the directions of the impugned order dated 10.06.2022 is that except Eco Village-II project, all other projects of the corporate debtor (Supertech Limited) are to be kept as ongoing projects and the construction of all other projects is to be continued under the supervision of the IRP with the ex-management, its employees and workmen. Infusion of funds by the promoter in different projects is to be treated as interim finance, regarding which total account is to be maintained by IRP,” the court said.
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