**NCLAT Approves Supertech’s Resumption of Doon Square Project in Dehradun**
The National Company Law Appellate Tribunal (NCLAT) has granted its approval for Supertech, the real estate developer, to resume construction of its long-delayed Doon Square project in Dehradun. This decision comes after Supertech successfully presented a proposal that was accepted by the lender, co-developer, and homebuyers involved in the project.
**Project Completion in Just Over One Year and Four Months**
With NCLAT’s approval, the way has been paved for the completion of the Doon Square project within 515 days, or a little over one year and four months. Of the 750 planned units, only 150 studio apartments have been delivered so far, while the remaining units are awaiting completion.
**Bank of Baroda Supports Supertech’s Proposal**
Supertech submitted a proposal to NCLAT, which was accepted by the project’s sole lender, Bank of Baroda, through a one-time settlement and repayment plan. As part of this agreement, co-developer EBI Projects & Developments LLP has deposited an upfront payment of ?75 lakh and will pay an additional ?42.5 million after NCLAT’s approval. The remaining amount of ?530 million will be paid in installments over the course of 12 months.
**Homebuyers Consent to Supertech’s Proposal**
To move forward with the project, Supertech secured the consent of the homebuyers involved. Supporting their request, an intervention application was filed to express the homebuyers’ agreement with Supertech’s proposal. Hitesh Goyal, the interim resolution professional (IRP), confirmed that there were no objections from stakeholders, ultimately clearing the path for the resumption of construction.
**A Sign of Progress for the Long-Delayed Doon Square**
This recent decision by NCLAT, issued on September 25, signifies a significant step toward the much-delayed completion of the Doon Square project. Supertech’s proposal gaining acceptance from the lender, co-developer, and homebuyers, without any objections from stakeholders, brings renewed hope for the project’s successful completion. With construction set to resume, it is expected that Doon Square will soon become a thriving residential hub in Dehradun, attracting homeowners and fostering much-needed economic development in the region.
