Bank Of Baroda approves resolution plan of Supertechs Dehradun project

Bank of Baroda, one of the lender in Supertech Group has approved and sanctioned the resolution plan for company’s Dehradun project paving way for delivery of over 600 homebuyers. The company had submitted a project-wise resolution plan in National Company Law Appellate Tribunal (NCLAT) and this is the first project which has got approval from the lender. Bank of Baroda has also given its consent for the inclusion of co-developer in the project. Recently, Kotak Investment Advisors Ltd (KIAL) has agreed to invest Rs 450 crore in Supertech’s stalled mixed-use project in Noida, offering a major financial lifeline to the cash-strapped realty developer. The 5 million sq ft ‘Supernova’ project in Sector 94 is currently 50% completed and it includes the tallest residential tower in the NCR region. On completion, the project has a revenue potential of more than Rs 7,000 crore, according to the proposal of Supertech to the Noida authority. The company has already submitted a proposal to the Uttar Pradesh government for its revival. It is in the process of selling some land parcelsto give exits to lenders and use the remaining funds to expedite construction on stalled projects. 
 

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