Ray of hope for Supertech flat buyers

Over 20,000 home buyers who have been stuck in Supertech Group’s unfinished projects have received good news. Oaktree Company, based in Singapore, will invest Rs 1,600 crore to complete 16 of the group’s incomplete projects. On Thursday, the Supreme Court approved the investment proposal, and it is estimated that the stuck projects will be completed within three years. This is a dream come true for the more than 20,000 buyers who have been waiting for years to receive their homes. However, the Supreme Court has warned that bringing all of the group’s projects to NCLT would be harmful to home buyers.

The Supertech Group, which has been facing ongoing troubles, has been greatly relieved by this decision. Additionally, the raised funds will be used to repay the group’s outstanding debts to banks and authorities. According to RK Arora, the Chairman of Supertech Group, a proposal was presented in the Supreme Court that Oaktree Company from Singapore is willing to invest in the group. After receiving approval, 16 unfinished projects of Supertech will be completed. A proposal has been created stating the number of flats that will be constructed in each project every quarter over the course of three years.

What banks are looking for?
Banks have expressed concerns over Oak Tree’s investment in Supertech, questioning how they will receive their dues if the Singaporean company invests at a higher interest rate. They are insisting that the investment should only be allowed after their outstanding debts are cleared. One of Supertech’s projects is already going through the Insolvency Resolution Process (IRP) following an order from the National Company Law Tribunal (NCLT). This has raised questions about the completion of other unfinished housing projects of Supertech. The NCLT-appointed IRP, Hitesh Goyal, has stated that RK Arora, the promoter of Supertech Group, and his company will complete all the projects, with the IRP monitoring the construction works.