Real estate sector company Supertech has taken a big decision to reduce its debt. According to a statement issued by the company on Saturday, the company has decided to sell properties worth Rs 1000 crore located in Meerut and Haridwar, with the help of which the company can complete its existing projects and reduce its debt.
The company has a hotel and a shopping complex in Meerut. The company also has a hotel and a shopping complex in Haridwar. The company had planned to sell it a few years back as well, but due to further recession due to Corona, Supertech could not sell these properties, now once again Supertech has announced to sell these properties.
Last month, on June 10, the NCLT (National Company Law Appellate Tribunal) had ordered insolvency proceedings against Supertech’s Project Eco Village 2 in Greater Noida West. Along with this, a committee of creditors was also ordered to be constituted for this project. After this order of NCERT, a statement was issued by Supertech saying that the company is resuming operations to complete all its projects on a large scale, which were stalled due to uncertainty in the order of NCLT.
Even before this, on March 25, NCLT has ordered for insolvency proceedings against Supertech Ltd. The order was given following a petition filed by Union Bank for non-payment of Rs 432 crore.
This decision was challenged by Supertech CMD RK Arora. Arora said the NCLT has asked the company to settle the dispute with the creditors at the earliest. After this order, the company will try to deliver 923 flats in different projects at the earliest and in the coming time the company will have a capital of Rs 100 crores.