The National Company Law Appellate Tribunal (NCLAT) last week gave its approval for Supertech to resume work on Doon Square in Dehradun after the realtor submitted that the lender, co-developer and homebuyers had accepted its proposal to complete the project.
NCLAT’s approval clears the way for completion of Doon Square within 515 days, or just over one year and four months. There are a total of 750 units planned in the project, of which just 150 studio apartments have been handed over. The remaining are pending.
According to Supertech’s submission to the tribunal, the project’s only lender – Bank of Baroda – accepted a one-time settlement proposal and repayment plan on Aug 9.EBI Projects & Developments LLP, the co-developer for the project, also issued a letter of intent (LoI) to restart Doon Square construction.
In line with Bank of Baroda’s settlement terms, EBI Projects has deposited Rs 75 lakh as upfront payment. An additional Rs 4.25 crore must be deposited after NCLAT’s approval, and a remaining Rs 53 crore will need to be paid in installments over 12 months, with interests being applied 90 days after tribunal’s nod.
During the hearing, Supertech’s counsel also emphasised that homebuyers had given their consent for the project’s continuation.
An intervention application filed by the homebuyers supported the realtor’s request. The interim resolution professional (IRP) Hitesh Goyal confirmed to NCLAT that there were no objections to moving forward with the project.
NCLAT, hearing the case on Sept 25, noted that there appeared to be no disputes with lenders or homebuyers.
