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Supertech Ltd., a visionary in the real estate industry, is embarking on a groundbreaking endeavour to secure a substantial sum of around Rs 1,600 crore from institutional investors by July. This audacious move aims to fuel the completion of its 18 ongoing housing projects spread across the vibrant landscape of Delhi-NCR. The company, led by its dynamic leadership, has strategically crafted term sheets with investors, paving the way for interim funding. Currently, meticulous due diligence is underway to ensure a seamless and mutually beneficial partnership, although the identities of these astute investors are shrouded in secrecy.
Within the vast portfolio of Supertech Ltd., a mesmerizing tapestry of 18 ongoing housing projects unfolds, comprising an impressive array of approximately 50,000 apartments. The company's unwavering commitment is to deliver possession of a staggering 17,000 flats to its esteemed customers within a span of two years. A momentous endeavour indeed, and to achieve this feat, Supertech Ltd. seeks financial resources amounting to Rs 3,000 crore, necessary to accelerate the progress of these projects. The company already boasts receivables of around Rs 2,500 crore from its discerning customers who have invested in these exceptional units. Additionally, Supertech Ltd. holds unsold units of unparalleled allure, valued at an astonishing Rs 10,000 crore.
In this pursuit of excellence, Supertech Ltd. recognizes that bank loans and dues owed to development authorities amount to a substantial sum of approximately Rs 3,000 crore. To empower its vision, the proposed interim funding will be wisely allocated to fuel the relentless construction activities. The revenue generated from the sale of units, encompassing both existing and future prospects, will serve as a cornerstone in clearing outstanding obligations to esteemed banking institutions, non-banking financial companies (NBFCs), visionary new investors, and revered authorities. Supertech Ltd., empowered by these strategic measures, exudes unwavering confidence in successfully completing these projects, leveraging a perfect blend of fresh funding and customer receivables.
In a dramatic twist of events, Supertech Ltd. found itself in the midst of legal turmoil when the National Company Law Tribunal's (NCLT) Delhi bench issued an order last year, initiating insolvency proceedings. Union Bank of India filed a petition, citing non-payment of dues amounting to an approximate sum of Rs 432 crore, which resulted in this challenging situation. However, undeterred by adversity, Supertech's determined promoter, Arora, promptly launched an appeal before the National Company Law Appellate Tribunal (NCLAT), resolute in upholding justice and preserving the integrity of their vision.
In June Last year, the NCLAT selectively initiated insolvency proceedings for only one of Supertech Ltd.'s housing projects rather than the entire company. The NCLAT directed the formation of a Committee of Creditors specifically for the Eco Village II project situated in Greater Noida (West). Notably, the NCLAT bench emphasized that the remaining projects would continue to progress as ongoing ventures under the vigilant guidance of the Interim Resolution Professional (IRP).
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