NBCC has shown interest in taking over all the pending projects of real estate developer Supertech, which has been facing multiple cases from homebuyers over delayed deliveries besides an Enforcement Directorate investigation into alleged money laundering.
During the insolvency proceedings of one of the group companies of Supertech, the interim resolution professional (IRP) had approached NBCC.
NBCC has informed IRP and lender Union Bank of India that it is ready to take all the projects of Supertech, provided it is given complete access to the details of the projects and all the data related to them.
The Noida-headquartered real estate developer has to deliver over 15,000 homes.
According to a National Company Law Appellate Tribunal (NCLAT) order on July 8, attorney general Venkat Ramani has submitted before the court that he has received instructions that NBCC is interested in undertaking the projects subject to due diligence and that lenders of the Supertech are not averse to the proposal of NBCC.
“Alok Kumar, counsel for Union Bank of India, submits that NBCC was earlier contacted by the IRP with regard to Eco Village-II and NBCC has now informed the lenders that they may take all the projects provided they are given access to the details of the projects and other data. Counsel for the IRP submits that in event the lenders make a request with regard to relevant details, the same shall be shared by the IRP,” the NCLAT order said.
The bankruptcy court had ordered Corporate Insolvency Resolution Process (CIRP) against Supertech Ltd, one of the companies of the Supertech group, based on a petition filed by Union Bank of India for non-payment of around Rs 432 crore of dues.
According to Supertech, while one project is under insolvency, for other projects, the company and lender along with IRP will decide the outcome.
“We haven’t received the (NBCC) proposal yet… As a stakeholder, we have the right to decide and will convey the decision once we receive the proposal,” said RK Arora, chairman of Supertech.
In a similar case, NBCC is delivering more than 41,000 sold and 5,000 unsold units in over 20 stalled projects of the Amrapali group.
Supertech’s total liabilities including dues to banks and development authority amount to about Rs 8,000 crore, while project receivables from both launched and yet-to-be-launched projects exceed Rs 14,000 crore, making the projects’ net worth positive.
The company has already submitted a proposal to the Uttar Pradesh government for the revival of the company. According to the proposal, the dues to the land authority amount to Rs 2,670 crore, with almost half of this being interest on the land cost. The company also owes Rs 830 crore to various banks. It also requested about Rs 5,000 crore from lenders to complete the stuck projects.
