Supertech Group Burdened with Rs 5,600 Crore Dues
By Bricksnwall | 2023-06-29
NOIDA: The Supertech
group, currently grappling with fresh challenges following the recent arrest of
chairman RK Arora by the Enforcement Directorate, is confronted with
significant dues amounting to Rs 5,600 crore owed to the Uttar Pradesh (UP)
government for its land allotments in Gautam Budh Nagar by three development
authorities. This substantial liability further complicates the financial
situation of the company.
Supertech's renowned mixed land-use project,
Supernova, an iconic skyscraper and one of the tallest buildings in the
country, alone has a debt of Rs 1,966 crore owed to the Noida Authority. The
company's overall outstanding dues with the Noida Authority amount to
approximately Rs 3,100 crore. Additionally, Supertech owes Rs 1,429 crore to
the Greater Noida Industrial Development Authority and Rs 1,100 crore to the
Yamuna Expressway Authority.
Two of Supertech's projects in Noida, namely
Supertech Capetown in Sector 74 and Ecociti in Sector 137, are currently
undergoing proceedings in the National Company Law Tribunal (NCLT). Capetown
has dues of Rs 704 crore, while Ecociti owes Rs 124 crore. Another major
commercial venture, E Square in Sector 96, has outstanding dues of Rs 277
In Greater Noida, Supertech has four residential
projects and one commercial project. Among these, the residential project
Ecovillage 2 in Sector 16B is in the NCLT with dues of Rs 310 crore. The Sports
City project carries significant dues of Rs 637 crore.
In the Yamuna Expressway area, Supertech's
Upcountry in Sector 17A and Supertech Township in Sector 22D, each spanning 100
acres, collectively accumulate dues of over Rs 1,000 crore. Upcountry is
currently under NCLT proceedings.
Despite issuing multiple notices, the authorities
have yet to recover the outstanding dues. Supertech officials declined to
comment on the matter.
Apart from projects in Gautam Budh Nagar, Supertech also operates in various other locations including Ghaziabad, Gurgaon, Meerut, Moradabad, Dehradun, Haridwar, Rudrapur, and Bengaluru. The financial challenges faced by the company necessitate careful consideration and effective resolution to ensure a stable future.