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Supertech stares at insolvency amid heat of twin-tower demolition

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2 years ago

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A couple of years ago, real estate firm Supertech Ltd was gaining steam with several thousand apartments in Delhi-NCR.

It advertised extensively and the firm was among the top in the real estate sector. Then in 2020 came the Covid pandemic, which turned everything upside down and created an unprecedented crisis for the real estate industry.

As things begin to normalise, it seems normalcy has reached beyond the reach of Supertech with the company receiving a twofold blow.

First, in August last year, the Supreme Court ordered demolition of its two 40-storey towers in Noida, and in March this year, the National Company Law Tribunal (NCLT) declared Supertech as insolvent while admitting a plea filed by the Union Bank of India (UBI) over non-payment of its dues.

In August 2021, the apex court ordered demolition of the twin towers in Sector 93, Noida, within three months, and also directed that the entire amount of homebuyers should be refunded with 12 per cent interest from the time of booking.

Supertech fought a long and draining legal battle to protect its twin towers — having over 900 flats and 21 shops — against demolition, which had been ordered for violation of building bylaws.

It filed a plea in the apex court seeking to save one tower and partially demolish 224 units in the other to conform with building bylaws. However, in October last year, the top court junked the plea by Supertech seeking extension of time for payment of compensation to homebuyers and demolition of twin towers.

Finally, the fate of its twin towers was sealed on February 7, when the apex court directed the authorities to commence the process for demolition of towers within two weeks.

The Noida authority informed the apex court that the demolition will be completed by May 22, and the debris will be removed by August 22.

The past few of months have been dramatic for the real estate company. In January, the Supreme Court pulled up the realty major for not complying with its orders to demolish the twin towers. The top court warned “its directors will be sent to jail for playing truant with the court”, and also took serious note of the deductions in refund made to the homebuyers.

Another jolt hit Supertech when the NCLT in March approved UBI’s application to begin corporate insolvency resolution process (CIRP) against the realty major for non-payment of around Rs 432 crore worth dues.

Supertech is supposed to deliver nearly 25,000 units to homebuyers in 50 projects, which are spread across Noida, Greater Noida, Yamuna Expressway, Ghaziabad and Gurugram, among other cities.

The NCLT appointed Hitesh Goyal as the Interim Resolution Professional (IRP), superseding the board of Supertech. One of the promoters of Supertech moved the NCLAT, challenging the NCLT order.

Earlier this week, the National Company Law Appellate Tribunal (NCLAT) gave the real estate firm one more opportunity to settle its dispute with the Union Bank of India. The bank took the real estate firm to the insolvency court after it failed to pay its debt since July 2019.

The NCLAT extended its stay over formation of a committee of creditors (COC) to overtake Supertech till May 2, after a counsel for a director of the suspended board of Supertech sought one more chance to present a better proposal before the lender bank.

The Union Bank of India counsel had contended that it has received an offer, but it has been rejected on various grounds. The bank’s counsel said it did not mention paying any upfront amount and the tenure of repayment was 24 months, and insisted that Supertech should come up with a definite upfront payment plan for the dues.

On April 4, the Supreme Court said it will protect the interest of Supertech’s twin-tower homebuyers in the backdrop of the appointment of an IRP in the insolvency proceedings against the real estate firm.

According to a note filed by advocate Gaurav Agarwal, amicus curiae in the matter, NCLT passed an order on March 25, 2022, by which corporate insolvency resolution process (CIRP) has been initiated against Supertech and moratorium under Section 14 of IB Code, 2016, has been declared.

Agarwal urged the top court to consider whether payments to be made to the remaining homebuyers of the twin towers should form part of the resolution process or whether the payments should be made by the company from the funds available (or which may become available in future), i.e., the said payments be kept out of the CIRP process?

Also, in case the payments are part of the CIRP process, will the amounts due to the homebuyers be included as a separate category in the proposed resolution plans so that homebuyers get the refund with interest from the successful resolution applicant?

The top court said it will protect the interest of homebuyers in the Supertech’s twin towers in Noida. It said that homebuyers should file their claims with the IRP and seek response from the IRP on the disbursal of their claims.

A note submitted in the top court by Agarwal said: “As per the information given by Supertech Ltd, out of 711 customers/units, the claims of 652 customers/units are settled/paid. Fifty-nine homebuyers still have to be refunded the amounts. The principal outstanding would be Rs 14.96 crore.”

The apex court is likely to next hear the matter in the first week of May.

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Business

New TVS Apache RR 310 Hits Indian Market at Rs 2.75 Lakh: All You Need to Know

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2 days ago

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September 17, 2024

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TVS has introduced the 2024 edition of its flagship Apache RR 310 in India, starting at Rs 2.75 lakh (ex-showroom). The updated model brings several enhancements, including segment-first aerodynamic winglets integrated into the side fairing, aimed at improving stability and performance.

The latest version of the TVS Apache RR 310 comes with a starting price of Rs 2.75 lakh (ex-showroom) for the Racing Red model. However, this variant does not include the bi-directional quick-shifter. For those looking to add this feature, it will cost approximately Rs 17,000 extra. The 2024 lineup also introduces a new Bomber Grey color option, priced at Rs 2.97 lakh (ex-showroom), offering a stylish and performance-focused upgrade.

The 2024 TVS Apache RR 310 retains its 312cc single-cylinder, liquid-cooled engine with a 6-speed gearbox, but now offers improved performance. The updated model produces 37 bhp at 9,800 rpm and 29 Nm of torque at 7,900 rpm. TVS also claims that it accelerates faster than before, shaving 0.43 seconds off its 0-100 km/h time, making it a more exciting choice for riders looking for speed and agility.

The 2024 TVS Apache RR 310 keeps its familiar trellis frame, supported by upside-down front forks and a rear monoshock for improved handling. Braking is handled by disc brakes. It also comes with a 5-inch TFT display that offers Bluetooth connectivity and navigation.

The updated electronics package includes new features like tyre pressure monitoring, cornering ABS, traction control, and cruise control. While the overall design remains similar, it gets refreshed decals and is available in three colours: Bomber Grey, Racing Red, and Race Replica.

TVS has introduced two performance kits for the new Apache RR 310: the Dynamic kit, priced at Rs 18,000, and the Dynamic Pro kit at Rs 16,000. The Dynamic kit enhances the bike’s handling with fully adjustable suspension, a tyre pressure monitoring system, and a brass-coated drive chain. The Dynamic Pro kit, meanwhile, focuses on safety and stability, offering race-tuned dynamic stability control for better on-road performance. These upgrades allow riders to customize their experience for both performance and safety.

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Business

Jio network down: users are facing problems

Published

2 days ago

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September 17, 2024

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Some Jio users in Mumbai are experiencing network outages, causing the issue to trend on Twitter. According to reports on social media, the disruptions have affected specific areas in the city. One user claimed that the Reliance Jio IDC Data Centre caught fire, potentially causing service interruptions. The user tweeted, “Reliance Jio IDC Data Centre caught fire, some services down due to that.

The network of Reliance Jio, one of the leading telecom companies in India, has been down for the last 1 hour. So users are facing a lot of problems. Many have posted about this on social media and tagged Reliance Jio. Reliance Jio network is down since last 1 hour.

Due to this, many works of Jio users have been stopped. A user posted on X and informed that the Jio service has been shut down due to a fire in the IDC (data center). Repair work is going on here. The network will be restored soon. But Reliance Jio has not given any official information about this yet. Therefore, users are asking when the network will be restored.

Reliance Jio service has been discontinued. Most of the users have no signal in their mobiles. 20 percent reported internet connectivity disruption on Down detector. 14 percent people are facing problems in running Jio fiber. Reliance Jio’s website is also not working properly and users are unable to access the Jio app.

There are more than 10 thousand complaints on Downdetector around 12 noon. More outage issues have been reported from cities like Delhi, Lucknow and Mumbai. Users across the country are complaining about Jio service being down. Jio on X is also trending down. People are sharing memes for Jio.

Reliance Jio services have once again been suspended in many parts of the country. Today i.e. on 17th September it started from Mumbai, the financial capital of the country and now Jio is down in all the cities of the country. Earlier in May and June 2024 also, Jio services were suspended in Mumbai. Users are constantly complaining on social media about Jio being down but there is no concrete solution and assurance from the company yet.

Users on social media claim that Jio services have been suspended across Mumbai. There is a network problem for several hours. Many users have also complained about the broadband service. Outage tracker Downdetector has also confirmed Jio’s outage. According to Downdetector’s map, it has stopped in New Delhi, Lucknow, Nagpur, Cuttack, Hyderabad, Chennai, Patna, Ahmedabad, Kolkata, Guwahati.

More than 10 thousand people have complained on Downdetector in just 1 hour. On this site, 67 percent people complained about lack of signal, 20 percent about mobile internet and 14 percent about Jio Fiber.

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Business

‘Take A Trip To Vietnam For Your iPhone 16’: X User Proposes Cost-Effective Way To Buy The Latest Apple Smartphone

Published

1 week ago

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September 10, 2024

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Apple recently launched its latest iPhone series, the iPhone 16 series. In addition, the company also launched the latest Apple Watch along with the latest version of Apple AirPods.

Trip To Vietnam For Apple

Apple products from time immemorial have been known for their exorbitant and sky-high pricing. Many have often made memes about having to sell their organs to be able to afford one of their iPhones.

Now, with the latest launch, and X user has found a way to cut corners by taking a trip.

According to the user, an aspiring iPhone buyer in India should take a trip to the East Asian nation of Vietnam to be able to get the new iPhone 16 at a cheaper rate.

However, the user also notes that these savings can only be made, if the buyer is intending to buy the advanced iPhone 16 Pro iPhone 16 Pro Max.

Savings Only iPhone 16 Pro

The user said, “Plan your #iPhone16 purchase with a trip to #Vietnam and spend the same amount you would be spending buying it here in India.”

In addition, the user also added, “But the savings work only if you are planning to buy the #iPhone16Pro or the #iPhone16ProMax”.

In addition, the user also surmised an instance of users travelling to the UAE an purchasing these phones.

According to the user, the Visa fees & fight rates don’t make Dubai that lucrative unless flying somewhere via UAE or planning for the #iPhone16ProMax only”.

As per the statistics produced by the user, the most expensive iPhone 16 Pro Max will cost an Indian buyer Rs 1,44,900 a piece. In Vietnam, however, it would cost a buyer Rs 1,18,992.

This marks a difference of Rs 25,908. Meanwhile, in the UAE, particularly in Dubai, the same phone would cost the buyer Rs 1,16,550, marking a difference of Rs 28,350.

The iPhone series will be available in India from September 20, with the pre-order for the phone starting on September 13.

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