The National Company Law Appellate Tribunal (NCLAT) has approved Supertech's resumption of the Doon Square project in Dehradun, following a settlement with Bank of Baroda and co-developer EBI Projects. The project, which plans to build 750 units, will be completed within 515 days, with only 150 units currently handed over. EBI Projects has made an upfront payment of INR 75 lakh, with further payments structured over the next year. Homebuyers have also consented to the project's continuation, indicating strong stakeholder support. NCLAT noted no existing disputes, paving the way for Supertech to proceed with construction.
Last week, the National Company Law Appellate Tribunal (NCLAT) approved Supertech's proposal to restart work on the Doon Square project in Dehradun. This approval follows the agreement between Supertech, the lender Bank of Baroda, the co-developer EBI Projects & Developments LLP, and homebuyers to complete the project. With NCLAT's green light, the project is expected to be completed within 515 days-approximately one year and four months. Doon Square encompasses a total of 750 planned units; however, only 150 studio apartments have been delivered to date.
Supertech's submission to the tribunal revealed that Bank of Baroda accepted a one-time settlement proposal on August 9, allowing the project to proceed. EBI Projects has also issued a letter of intent to restart construction. According to the settlement terms, EBI Projects has already deposited INR 75 lakh as an upfront payment. Following NCLAT's approval, an additional INR 4.25 crore is due, with the remaining INR 53 crore to be paid in installments over the next year, starting 90 days post-approval.
During the proceedings, Supertech's legal counsel confirmed that homebuyers had consented to the continuation of the project. The interim resolution professional (IRP), Hitesh Goyal, assured the tribunal that there were no objections from either lenders or homebuyers. NCLAT noted that, as of the September hearing, there were no disputes hindering the project's progress.
In conclusion, with NCLAT's approval, Supertech is poised to revitalize the Doon Square project, addressing the needs of homebuyers and marking a significant step forward in urban development in Dehradun. The cooperation among stakeholders highlights a constructive path toward project completion.
Advertisement
Facebook
Whatsapp
