Bank of Baroda Greenlights Revival Plan for Supertech's Dehradun Project

Bank of Baroda, a key lender to the Supertech Group, has sanctioned the resolution plan for the company’s stalled project in Dehradun. This approval marks a critical step forward, paving the way for approximately 600 homebuyers to finally receive their long-awaited homes. The plan, submitted to the National Company Law Appellate Tribunal (NCLAT), is the first of Supertech's projects to secure approval from a lender. Furthermore, Bank of Baroda has given the green light for the involvement of a co-developer to resume the project.

Collaboration with Local Developer for Revival

Supertech Group has collaborated with a local developer to restart the halted Dehradun project. While this marks the initial project to receive approval, the company aims to gradually obtain sanctions for its other developments. According to RK Arora, the chairman of Supertech Group, the primary objective remains to secure necessary approvals for each project, tackling them one by one.

Kotak Investment Offers Financial Support

Supertech’s Noida-based mixed-use project has received a financial boost with an investment of ₹450 crore from Kotak Investment Advisors. This lifeline is expected to help the struggling real estate developer manage its financial burdens and provide relief for pending projects.

Homebuyers Rally Behind Revival Efforts

Around 26,500 homebuyers, affected by Supertech's delayed projects, have raised their concerns with the NCLAT. They have shown support for the National Buildings Construction Corporation (NBCC), which has expressed interest in taking over some of the stalled projects. Additionally, homebuyers are calling for a forensic audit of Supertech, pointing to unaccounted cash flows amounting to ₹9,500 crore.