Supreme Court Decision: The Supreme Court has accepted the resolution plan presented by Spartech Limited to NCLAT. Also refused to interfere in the order of NCLAT from June 2022.
Good news has come for flat buyers after a long time. The way has been cleared for thousands of buyers to get their homes. The petition of real estate developer company Supertech has been accepted by the Supreme Court, in which it has asked to invest and give possession of 20,000 flats in the coming two years. The Supreme Court has directed Superte to complete 18 pending projects by taking loans from private finance companies.
Resolution plan accepted
The Supreme Court has accepted the resolution plan presented by Supertech Limited to NCLAT. Also refused to interfere in the order of NCLAT from June 2022. The Supreme Court order has allowed the promoters of the company to raise funds on a priority basis and complete the housing project.
Work on 18 projects being completed
Under the supervision of IRP, Supertech is working on completion of 18 projects. But due to lack of money, the company was having difficulty in completing the work. Now on getting the permission of the loan, there is a possibility of catching the pace of work. The Supreme Court gave this order on an appeal filed by Indiabulls Asset Reconstruction Company Limited and Union Bank of India. A division bench of Justice Dinesh Maheshwari and Justice Sanjay Kumar passed this order.
This company will give a loan of 1500 crores.
A loan of 1200 to 1500 crores will be given to Supertech by the Octry Company. Recently, on behalf of Supertech, its plan was submitted in the apex court. In this, Supertech had told how to repay the loan. Only after this plan is passed, the court has allowed Supertech to take a loan from a private financier.
Recently, Supertech’s chairman RK Arora was detained for not returning the money of flat buyers. The district administration had taken action on the RC issued by UP RERA. After this, Supertech has given a check of Rs 2 crore and has promised to deposit Rs 7 crore in 10 days.
