NBCC has expressed interest in taking over all pending projects of Supertech, a real estate developer facing home buyer complaints and a money laundering investigation. NBCC is willing to proceed if given full access to project details. Supertech needs to deliver over 15,000 homes and owes about INR 8,000 crore, while expecting INR 14,000 crore from current and future projects. One Supertech company is under insolvency proceedings for unpaid dues. The company has requested government help and additional funding from lenders to complete stalled projects. This situation highlights the challenges in India's real estate sector and efforts to resolve them through government intervention.
NBCC, a state-owned construction company, wants to take over all of Supertech's unfinished projects. Supertech, a real estate developer, is in trouble because it hasn't delivered homes on time and is being investigated for possible money laundering. During bankruptcy proceedings for one of Supertech's companies, NBCC was approached. NBCC told the bankruptcy manager and Union Bank of India that it would take on all of Supertech's projects if it can see all the details and information about them.
Supertech, based in Noida, still needs to deliver over 15,000 homes. On July 8, a court order said that NBCC is interested in taking on the projects after checking them out, and Supertech's lenders were okay with this idea. The court had earlier ordered bankruptcy proceedings against one of Supertech's companies because it didn't pay back about INR 432 crore to Union Bank of India. Supertech says that while one project is in bankruptcy, decisions about other projects will be made together with lenders and the bankruptcy manager. RK Arora, Supertech's chairman, said they haven't received NBCC's offer yet, but they have the right to decide what to do when they get it.
NBCC is already working on a similar case, delivering over 46,000 homes in stalled projects of another company called Amrapali. Supertech owes about INR 8,000 crore to banks and authorities. However, it expects to receive more than INR 14,000 crore from current and future projects, which means the projects are worth more than what's owed. The company has asked the Uttar Pradesh government for help to save the business. They owe INR 2,670 crore to the land authority, with almost half of that being interest. They also owe INR 830 crore to various banks. To finish the stuck projects, Supertech has asked lenders for about INR 5,000 crore.
This situation shows how some big construction projects in India are having problems, and how the government and public companies are trying to help finish them and protect the people who bought homes. Everyone involved, including home buyers, lenders, and authorities, will be watching closely to see what happens with NBCC's offer and how it might help finish Supertech's unfinished projects.
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