Private and Confidential

SUPERTECH GROUP PROJECT

SUPERTECH TOWNSHIP PROJECT LIMITED

PLOT NO. : - TS-05, SECTOR-22D
YAMUNA EXPRSSWAY, GREATER NOIDA

“GOLF COUNTRY”

RESOLUTION PLAN
Submitted By: Promoters of Supertech Township Project
Limited

Submitted on : ..................

Submitted to: Hon’ble National Company Law Appellate Tribunal

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1. DEFINITIONS:

S. No. Terms Definitions

Adjudicating Means National Company Law Tribunal constituted under
1.
Authority section 408 of the Companies Act, 2013 (18 of 2013).
Means any applicable national, federal, central, international,
foreign, state, provincial, local or other law including applicable
provisions of all (a) constitutions, decrees, treaties, statutes,
laws (including the common law), codes, notifications, rules,
regulations, policies, guidelines, circulars, directions,
directives, ordinances, orders, notes, clarifications, releases or
2. Applicable Law any other forms of delegated legislation of any Governmental
Authority, statutory authority, court, tribunal or other judicial
or quasi-judicial authority; (b) orders, decisions, injunctions,
judgments, awards, findings, requirements and decrees of or
agreements with any Governmental Authority, statutory
authority, court, tribunal or other judicial or quasi-judicial
authority; and (c) any modifications or re-enactments thereof.
All assets (tangible and intangible), properties, goods, rights,
3. Assets benefits and privileges, properties, Claims and Contingent
Assets of the “Corporate Debtor.”
Board/ Board of “Board of Directors” or “Board”, in relation to the Corporate
4. Debtor, means the collective body of the directors of the
Directors
company as per Section 2 (10) of the Companies Act, 2013.
The costs arising on account of the CIRP determined in
5. CIRP Costs accordance with Section 5(13) of the Insolvency and
Bankruptcy Code, 2016.
The Insolvency and Bankruptcy Board of India (Insolvency
Resolution Process for Corporate Persons) Regulations, 2016,
6. CIRP Regulations
made by the Board under this Code (as amended from time to
time).
Means – (a) a right to payment, whether or not such right is
reduced to judgment, fixed, disputed, undisputed, legal,
equitable, secured, or unsecured; (b) right to remedy for breach
7. Claim of contract under any law for the time being in force, if such
breach gives rise to a right to payment, whether or not such right
is reduced to judgment, fixed, matured, unmatured, disputed,
undisputed, secured or unsecured as per Section 3(6) of
IBC,2016.

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Means a corporate person who owes a debt to any person in

8. Corporate Debtor accordance with Section 3(8) of the Insolvency and Bankruptcy
Code, 2016.
Means a date on which all the payment as stipulated in this
9. Completion Date resolution plan has been made by the Promoter/Co-developer
and the plan is successfully implemented.
Shall means any person to whom a debt is owed and includes a
financial creditor, an operational creditor, a secured creditor, an
10. Creditors
unsecured creditor and a decree-holder as per Section 3(10) of
the IBC, 2016.
Dissenting Financial Creditor means the financial creditor who
has not voted in favour of this Resolution Plan and thus, would
Dissenting Financial
11. be paid as per the provisions of Section 30(2) (b) read with
Creditor
Section 53 of the IB Code and Regulation 38 of CIRP
Regulations.
Means the date on which Resolution Plan is approved by
12. Effective Date
Adjudicating Authority.
13. Equity Share Capital Shall means the share capital of the CD as per Companies Act.

Existing The existing shareholders means a person, company,

14. or organization that holds the equity shares of the Corporate
Shareholders
Debtor.
Means any person to whom a financial debt is owed and
15. Financial Creditors includes a person to whom such debt has been legally assigned
or transferred to, as per Section 5(7) of IBC, 2016.
Force majeure means certain acts, events or circumstances
beyond the control of the Promoters/ Co-developers including
but not limited to acts of god, acts of war, terrorism, riots, civil
disorders, rebellions or revolutions, or any other similar cause
16. Force Majeure beyond the reasonable control and such non-performance,
hindrance or delay could not have been prevented by reasonable
precautions, then the non-performing, hindered or delayed,
Promoters/ Co-developers shall be excused for such non-
performance, hindrance or delay.
Means the central and state government authorities, regulatory
Government
17. bodies, local government bodies and any other authority those
Authorities
are responsible for exercising autonomous authority.
Means the date of admission of an application for initiating
ICD (Insolvency
corporate insolvency resolution process by the Adjudicating
18. Commencement
Authority under sections 7, 9 or section 10, as the case may be,
Date)
as per Section 5(12) of IBC, 2016.
Information Means a memorandum prepared by resolution professional
19.
Memorandum under sub-section (1) of section 29.

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Any obligation whether direct or indirect, absolute or

contingent, accrued or not-accrued, known or unknown,
20. Liability
liquidated or unliquidated, or due or to become due.

Means a Committee constituted under sub clause 8 of Clause V

of Schedule of Insolvency and Bankruptcy Board of India
Monitoring
21. (Model Bye-Laws and Governing Board of Insolvency
Committee
Professional Agencies) Regulations, 2016, which is responsible
for overseeing the implementation of the resolution plan.
Means a person to whom an operational debt is owed and
Operational
22. includes any person to whom such debt has been legally
Creditors
assigned or transferred, as per Section 5(20) of IBC, 2016.
Means a claim in respect of the provision of goods or services
including employment or a debt in respect of the payment of
23. Operational Debt dues arising under any law for the time being in force and
payable to the Central Government, any State Government or
any local authority, as per Section 5(21) of IBC, 2016.
Person” includes - (a) an individual; (b) a Hindu Undivided
Family; (c) a company; (d) a trust; (e) a partnership; (f) a limited
24. Person liability partnership; and (g) any other entity established under
a statute, and includes a person resident outside India, as per
Section 2(23) of IBC, 2016.
25. Regulations Means the regulations made by the Board under this Code, as
per Section 3(28) of IBC, 2016.
Means a person, who individually or jointly with any other
person, submits a resolution plan to the resolution professional
pursuant to the invitation made under clause (h) of sub-section
Promoters/ Co-
26. (2) of section 25 or pursuant to section 54K, as the case may be
developers
OR

RK Arora
Means a plan proposed by Promoters for insolvency resolution
27. Resolution Plan of the corporate debtor as a going concern in accordance with
Part II, as per Section 5(26) of IBC, 2016

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ABBREVIATIONS:

S. No. Abbreviation Stand For:

1 AA Adjudicating Authority
2 AR Authorized Representative
3 CD Corporate Debtor
4 CIRP Corporate Insolvency Resolution Process
CIRP Insolvency and Bankruptcy Board of India (Insolvency
5
Regulations Resolution Process for Corporate Persons) Regulations, 2016
6 CoC Committee of Creditors
7 FC Financial Creditor
8 IBBI Insolvency and Bankruptcy Board of India
9 IBC Insolvency and Bankruptcy Code, 2016
10 ICD Insolvency Commencement Date
11 IM Information Memorandum
12 INR/Rs. Indian Rupee
13 IP Insolvency Professional
14 MCA Ministry of Corporate Affairs, Government of India
15 NCLT National Company Law Tribunal
16 OC Operational Creditor
17 PRA Prospective Resolution Applicant
18 RA Resolution Applicant
19 RFRP Request for Resolution Plan
20 RP Resolution Professional
21 SRA Successful Resolution Applicant

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2. INTERPRETATIONS:

In this Resolution Plan, unless the context otherwise requires:

a) Headings and bold preface are only for convenience and reference only and shall be ignored
for the purpose of interpretation and construction of the relative provisions of Resolution
Plan.
b) Reference to any law shall include, in each case, reference to such laws as amended,
modified, restated, or supplemented from time to time.
c) Words of any gender are deemed to include other gender;
d) The singular includes the plural and vice-versa and in particular (but without including the
generality of the foregoing), any word or expression defined in the singular has the
corresponding meaning when used in the plural and vice-versa.
e) The term “hereof”, “hereby”, “hereto”, and derivative or similar words refer to this entire
Resolution Plan or specified chapters of this Resolution Plan as the case may be.
f) Reference to any words “include”, “including”, “for example”, “such as”, is not used as, nor
it is to be interpreted as, a word of limitation and when introducing an example or examples
of similar kind.
g) Any reference to a statute, ordinance, code, or other law includes regulations and other
instruments under it and amendments or re-enactments of any of them.
h) If a period of time is specified and dates from a given day or the day of an act or event, it is
to calculate inclusive of that day.
i) A reference to a “month” shall mean an English calendar month and a reference to “year”
shall mean an English calendar year except as expressly provided otherwise in this
Resolution Plan.
j) The values given herein are approx. value and the same shall be rounded off to the nearest
rupee.
k) If a word or phrase is defined, parts of speech and other grammatical forms of that word
phrase shall have the corresponding meaning.
l) Any reference to a time is a reference to Indian Standard Time.
m) Reference to anything including any amount is a reference to the whole and each part of it.

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3. DISCLAIMERS/ IMPORTANT POINTS:

i. This Resolution Plan is confidential to all the stakeholders of the company/corporate debtor
and prepared solely for the purpose(s) set out in IBC/Direction of Hon’ble NCLAT. No person
may refer to or use the names of the parties of the Resolution Plan for any other purpose,
disclose or refer them in any prospectus or other document, or make them available or
communicate them to any other party. No other party is entitled to rely on this Resolution
Plan for any other purpose whatsoever except for the purpose it has been prepared for and
the parties Resolution Plan accept no duty of care or liability to any other party who is shown
or gains access to this Resolution Plan.

ii. The obligation of the Promoters to make an investment in Corporate Debtoror implement the
Resolution Plan proposed by it; shall only arise on and after the Effective Date.

iii. The Plan along with its Chapters, Annexures and Appendices constitutes the entire Resolution
Plan within the provisions of the IBC, Regulations made there under and direction of hon’ble
NCLAT and supersedes and cancels any prior oral or written plan, proposal or understanding
in this regard, if any.

iv. The Promoters shall be entitled to share certified copy of this Resolution Plan and the order
of the NCLT approving this Resolution Plan, with third parties, including Governmental
authorities.

v. The Promoters reserves and retains the right to modify the proposed Resolution Plan on
occurrence of any of the following events:

• In case any additional information is obtained/received and provided Post submission

of this Plan;
• In case of any information provided is modified/corrected, revised or amended post
submission of this Plan;
• In case the claim amounts admitted towards any category of creditor is communicated or
modified or revised;
• In case the amount proposed in this Plan for settling the dues to the financial, operational
and other creditors is revised.

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4. BRIEF ABOUT CORPORATE DEBTOR

4.1 Details of the Corporate Debtor:

Name SUPERTECH TOWNSHIP PROJECT LIMITED

CIN U70200DL2010PLC204121
ROC Name ROC Delhi
Date of Incorporation 15/06/2010
Email Id [email protected]
1114, HEMKUNT CHAMBERS, 11TH FLOOR 89,
Registered Address NEHRU PLACE, Delhi, 110019
Category of Company Company limited by shares
Subcategory of the Company Non-government company
PAN AAOCS4069E
GST 09AAOCS4069EJ1ZZ
Authorised Capital (Rs) 17,00,00,000
Paid up Capital (Rs) 16,33,33,350
Date of last AGM 29/09/2023

4.2 Details of Management:

S. No. Name DIN Designation

1. Ram Kishor Arora 00021491 Director
2. Mohit Arora 02285023 Director
3. Kishan Gopal Arora 00408636 Director
4. Manish Goel N.A CEO / CFO

4.3 Shareholding Pattern:

Sr. No.Name of shareholders Type of No. of shares Total Nominal Percentage

shares Value (Rs.) of holding
1. IVR Prime Developers (Avadi) Pvt Ltd Equity 16,332,735 163,327,350 100%
2. Mohit Arora (Nominee of IVR Prime Equity 100 1,000 -
Developers (Avadi) Pvt Ltd)
3. Sangita Arora (Nominee of IVR Prime Equity 100 1,000 -
Developers (Avadi) Pvt Ltd
4. R.K. Arora (Nominee of IVR Prime Equity 100 1,000 -
Developers (Avadi) Pvt Ltd)

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5. Supertech Cinemas Private Limited Equity 100 1,000 -

(Nominee of IVR Prime Developers
(Avadi) Pvt Ltd)
6. Supertech Realtech Private Limited Equity 100 1,000 -
(Nominee of IVR Prime Developers
(Avadi) Pvt Ltd)
7. Supertech Holdings Private Limited Equity 100 1,000 -
(Nominee of IVR Prime Developers
(Avadi) Pvt Ltd)
Total 16,333,335 163,333,350 100%

4.4 Business Profile:

M/s. Supertech Township Project Limited (“STPL”), the “Company”, was incorporated
on 15th June, 2010 vide CIN U70200DL2010PLC204121 with an aim to develop a state-of-
the-art Residential Complex named “GOLF COUNTRY” Project, at Yamuna Expressway,
Greater Noida. The project consists of villas, high rise residential buildings, plots, nine hole
golf course, water bodies, shopping center, schools, hospitals and plantations etc.

The Company was admitted into insolvency by Hon'ble NCLT vide its order dated
12.07.2024. The Company filed an appeal before the NCLAT against the NCLT order.

PRESENT STATUS OF THE PROJECTS

The project is located on The Yamuna Expressway linking Noida with Agra Expressway. This
region has been developing rapidly owing to construction of many such residential projects,
Formula 1 Car racing track is operational, ease of transportation to nearby destinations.

The flagship company i.e. Supertech Limited has one more project i.e. Upcountry in the same
area which has been tremendous success. Other reputed builders like Jaypee Group, Logix
Group, Paras Group, Green Bay etc. are also developing housing / commercial projects.
Besides the Greater Noida Yamuna Expressway has become hub of educational facilities with
setting up of multi-facility universities and colleges.
The following positive developments in the project area are as under:

1. Our project is located just 8 km away from proposed JEWAR Airport which was now
become a reality as land has been acquired, survey is completed and technical bids floated.

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The operation of Jewar Airport is expected to be done by the Prime Minister in 2025. The
development is highly positive for all projects in the area.
2. The Eastern Peripheral way has been made operational as a result of which Greater Noida
and Yamuna Expressway have become easily accessible from other states without facing
acute problem of crossing Delhi.
3. Industrial activity has started in a big way close to our project site like 5000 acres project
of Patanjali, electronic development companies like Vivo, OPPO, Lava already setting up
their production units in the vicinity. Many of them have already started production.
4. The Greater Noida Yamuna Expressway has become hub of educational facilities with
setting up of multi-facility universities and colleges. The following educational
institutional have already been set up in the area

i) Noida International University

ii) Galgotia University

Besides the project site being only 5-6 km from Greater Noida, the educational institutions
thereat in 5 Knowledge Parks are added advantage to the residential projects. The following
reputed institutions in the field of engineering, management etc. are already operative.

i.) Birla Institute of Management and Technology

ii.) K L Bajaj Management Institute
iii.) GNIT
iv.) Sharda University
v.) ISHAN Management Institute
Medical College
i) ITF Dental College

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GOLF COUNTRY PROJECT

STPL has set up for executing the residential complex “GOLF COUNTRY” on a land area
measuring 408545 sq. mtr at Plot No. TS-5, Sector -22D, Yamuna Expressway purchased
from Yamuna Expressway Authority under sealed bid system on lease hold basis for a period
of 90 years. The project consists of villas, high rise residential buildings, plots, nine hole golf
course, water bodies, shopping center, schools, nursing home and other public amenities etc.

The Golf Country project is the ongoing projects being implemented by the M/s. Supertech
Township Project Limited. This project is financed in consortium arrangement led by Punjab
& Sind Bank and other consortium members are Bank of Maharashtra & Punjab National
Bank. Its current status is as under.

a) Land Area – 408545 Sq. Mtr

b) Land Authority – Yamuna Expressway Industrial Development Authority (YEIDA)
c) Total Saleable Area – Approx 51,23,286 Sft
d) Sold Area – 28,66,906 Sft
e) Unsold Area – 22,56,380 Sft
f) Balance Estimated Project Cost – Rs. 1088.56 Cr
g) Total Sold Units – 2931 no’s/ Handed over – 506 nos.

S.No. Particular No. Of Unit

1 Total Number of units to be constructed 4332
2 Already Sold 2931
3 Possession given 506
4 Unsold units 1401

The project is well received in the market and has already sold aggregate area to the tune of
28.67 lakhs sqft [over 56%] out of total saleable area of 51.23 lakhs sqft. The Project has
receivable of Rs. 296 cr and unsold inventory of 22.56 lakhs sqft.

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The project has positive net surplus after payment to all the stakeholder on completion of
project

The brief project details are as under:

Total Area (Sq Total Sold Unsold

Inventory Details Sold Area Unsold Area
Ft.) Units Units Units

T = 16 2,393,656 1,549,115 844,541 3,227 2,056 1,171

Villa 600,024 345,341 254,683 169 106 63
Plot (Sq Yd) 1,026,450 972,450 54,000 809 769 40
Commercial Area 3 27,578 - 27,578 1 - 1
Commercial Area 2 & 4 57,804 - 57,804 2 - 2
Commercial Area 1 588,422 - 588,422 1 - 1
Schools (TBL) 172,224 - 172,224 7 - 7
Dispensary (TBL) 21,528 - 21,528 1 - 1
Milk & Vegetable (TBL) 4,306 - 4,306 1 - 1
Nursing Home (TBL) 32,292 - 32,292 1 - 1
Towers (TBL) 199,002 - 199,002 113 - 113
Total Launch 5,123,286 2,866,906 2,256,380 4,332 2,931 1,401

There are land yet to be acquire 5640 Sq. Mtrs. from YEIDA. Planning of such land will be done
post acquisition.
Further the Tower wise unit details given hereunder :

No of No. of Unsold Unit Balance units to

S.NO Name of Tower Sold Unit
Unit Unit Delivered be delivered

1 A1 346 189 157 346

2 A2 122 54 68 122
3 A3 305 149 156 305
4 C-1 128 121 7 42 86
5 C-2 76 69 7 76
6 C-3 120 60 60 9 111
7 C-4 166 156 10 84 82
8 C-5 166 159 7 96 70
9 D-1 120 50 70 120
10 E-1 159 61 98 159

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11 E-2 119 38 81 119

12 W 311 283 28 311
13 W1 200 102 98 200
14 W2 323 187 136 323
15 B1A 368 260 108 110 258
16 B1B 198 118 80 9 189
17 F 84 63 21 23 61
18 G 48 29 19 15 33
19 C 25 11 14 3 22
20 K 12 3 9 - 12
21 Plots 809 769 40 115 694
22 Tower A (TBL) 113 - 113 113
23 Schools (TBL) 7 - 7 7
24 Dispensary (TBL) 1 - 1 1
25 Milk & Vegetable (TBL) 1 - 1 1
26 Nursing Home (TBL) 1 - 1 1
27 Commercial 3 1 - 1 1
28 Commercial 2&4 2 - 2 2
29 Commercial 1 1 - 1 1
Total 4,332 2,931 1,401 506 3,826

LENDERS LIABILITY

The project Golf Country was financed by Consortium of lenders and the present position of lenders
dues are as under:-
(Rs. In Crore)

Amount Amount Principal

S. No. Lenders Name
Sanctioned Disbursed Outstanding

1 Punjab & Sind Bank 140.00 140.00 91.60

2 Bank of Maharashtra 100.00 100.00 69.31
Punjab National Bank
3 100.00 100.00 69.30
e-OBC
Total 340.00 340.00 230.21

It is propose to settle the above outstanding ledger balance out of 30% cash flow to be generated
from sold receivables as well as by selling unsold inventory. The 30% escrow account will be
used for servicing of existing lenders post meeting CIRP cost within a period of 3 years.

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4.5 Financial Statements:

BALANCE SHEET

AUDITED AUDITED
Particulars As at 31.03.2021 As at 31.03.2020
1 ASSETS
Non-current assets
(a) Property, Plant and Equipment 93,95,61,050 45,70,66,209
(b) Financial Assets
Investments 90,000 1,00,000
(c) Deferred tax assets (net)
(d) Other non-current assets
2 Current assets
(a) Inventories 816,49,22,539 803,00,91,023
(b) Financial Assets
(i) Trade receivables 55,83,42,757 8,40,40,909
(ii) Cash and cash equivalents 1,82,64824 2,83,12,232
(iii) Bank balances other than (ii) above
(v) Loans 142,95,39,126 145,83,22,886
(c) Other current assets 22,41,02,895 20,96,32,707
Total Assets 11,33,48,23,191 10,26,75,65,974
EQUITY AND LIABILITIES Equity
(a) Equity Share capital 16,33,33,350 16,33,33,350
(b) Reserve & Surplus 89,45,14,390 88,25,48,285

LIABILITIES
1 Non-current liabilities
(a) Financial Liabilities
Borrowings Unsecured 57,10,78,485 40,00,26,955
Borrowings Secured 6,38,42,041 7,14,15,771
(b) Differed tax Liability 4,38,42,968 4,73,54,242
2 Current liabilities
(a) Financial Liabilities
Trade payables 355,26,28,596 270,32,24,026
(b) Other current liabilities 604,55,83,360 599,96,63,345
Total Equity and Liabilities 11,33,48,23,191 10,26,75,65,974

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AUDITED AUDITED
PARTICULARS For the Year ended For the Year ended
31.03.2021 31.03.2020
Income:
Revenue From Operation 16,54,77,512 13,63,91,237
Other Income 2,32,51,944 2,99,73,867
Total Revenue ( I+II) 18,87,29,456 16,63,65,104

Expenses:
Cost of materials consumed 3,87,57,967 5,69,65,876
Changes in inventories of finished goods, work- in -
(42,84,91,320) (37,08,43,302)
progress & stock-in trade
Employee benefits expense 2,65,54,342 4,28,74,407
Finance cost 38,52,70,446 34,99,21,068
Depreciation and amortization expenses 4,16,09,055 4,16,70,090
Other expenses 10,89,35,107 6,76,64,609
Total expenses (IV) 17,26,35,597 18,82,52,749
Profit/(loss) before exceptional items and tax (I- IV) 1,60,93,859 (2,18,87,644)
Exceptional Items
Profit/(loss) before tax (V-VI) 1,60,93,859 (2,18,87,644)
Tax expense:
(1) Current tax 76,39,027
(2) Deferred tax (35,11,274) 7,01,165
Profit (Loss) for the period from continuing
1,19,66,106 (2,25,88,809)
operations (VII-VIII)
Profit/(loss) from discontinued operations
Tax expense of discontinued operations
Profit/(loss) from Discontinued operations (after
tax) (X-XI)
Profit/(loss) for the period (IX+XII) 1,19,66,106 (2,25,88,809)
Other Comprehensive Income

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A (i) Items that will not be reclassified to profit or

loss
- Re-measurements gains on defined benefit plans
- Income tax effects
(ii) Income tax relating to items that will not be
reclassified to profit or loss
B (i) Items that will be reclassified to profit or loss
(ii) Income tax relating to items that will be
reclassified to profit or loss
Total Comprehensive Income for the period
(XIII+XIV) (Comprising Profit (Loss) and Other 1,19,66,106 (2,25,88,809)
Comprehensive Income for the period)
Earnings per equity share (for continuing
operation):
(1) Basic 0.73 (1.38)
(2) Diluted 0.73 (1.38)

Financial Statements for the year 2021-22 to 2023-24 are yet to be prepared and adopted by the
shareholders.

4.6 Feasible and Viable Plan to Revive the Distressed Position

The Golf Country Project is under implementation and its current status is mentioned at Clause
4 of the Resolution Plan. The promoters proposes to complete and deliver the project including
meeting full obligations towards the creditors. The plan submitted by Promoters is Feasible
and Viable.

The Promoters is committed to working with all stakeholders to ensure a successful turnaround
and create long-term value for the Corporate Debtor.

The Promoters is well capable of bringing the company back to its heels by revamping the
project with necessary infrastructure, resources and deployment of funds. Thus, the project is
feasible and viable.

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5. DETAILS OF CIRP`

5.1 Cause of Default:

As per information provided & gathered and upon the due diligence undertaken by the
Promoters, the Corporate Debtor was once active. However, it is observed the reasons for the
present position of the Corporate Debtor includes
1. The project was assessed for availing total credit facility to the tune of Rs. 340 crore under
consortium comprising of Punjab & Sind Bank (“Lead Bank”), Bank of Maharashtra and
Punjab National Bank. However, as agreed and sanctioned, the consortium lenders
disbursed Rs. 340 crores in full.
2. The consortium disbursement was started in May 2013 & the response to the project from
buyers was encouraging in the beginning. However in 2013 farmer’s agitation was
intensified against the land acquiring authorities in Noida, Greater Noida and Yamuna
Expressway. The agitation turned violent at most places as the site engineers and project
staff and workers were beaten to stop the work and in many towers the construction already
done was severely damaged. Though Hon’ble High Court had decided to grant additional
compensation, farmers were not satisfied and continued their agitation till 2013. Earlier
farmers of villages falling under YEIDA jurisdiction were not part of compensation so their
agitation was intensified to stop work on all sites. The court ultimately decided to give
additional land acquisition compensation at the rate of 64% to farmers along with other
compensation like providing developed land.

3. Since the orders were for Noida and Greater Noida, the farmers of Yamuna Expressway
continued their agitation demanding similar compensation for their land also. The same was
ordered on 14.05.2015. The agitation stopped total development work on Yamuna
Expressway coming and the buyers also lost interest in the projects on Yamuna Expressway.

4. As the construction work could not be carried out effectively at the Township Plot for want
of approach road to be provided by YEIDA to the site coupled with various other factors
like land disputes, farmer agitation and law & order situation created by the farmers. As a
result of this, we could not carry out any significant construction work. The major time lost

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not only increased the cost of the project but also shook the confidence of buyers and
investors.

5. Since major portion of the land was involved in litigation by erstwhile land owners and stay
orders exist from Courts and also due to not having provided approach road to the Project
Site by YEIDA, project execution has been delayed and STPL could not make payment of
land premium.

6. The demonetization declared on 8th November 2016 had its adverse impact on all sectors of
the economy but Real Estate was worst affected. The Company was regularly paying till
June 2018 and part payment are being made thereafter too but the sales realization
plummeted as the investors and buyers were apprehensive of further such steps that the
Government of India may consider which almost killed the property buying activity.

7. COVID situation in the country badly hit the CD.

The Corporate Insolvency Resolution Process was initiated under section 7 of the IBC Code on
the Application filed by Punjab & Sind Bank against M/s Supertech Township Project Limited.
The promoters of Supertech Township Project Limited approached Hon’ble NCLAT against the
initiation of CIRP of the CD. Aggrieved with this order, the suspended promoter Director i.e. Mr.
R K Arora of the Company have approached the NCLAT against the said order and seek relief in
view of settlement proposal pending with lenders.

On 29th July 2024, the promoter of Supertech Township Project Limited submits that the company
is taking steps to settle the entire dispute with the Financial Creditor and ordered no further steps
shall be taken except collation of claims which have already been invited.

The flagship company M/s Supertech Ltd being holding company faced unprecedented situation,
when two high rise towers in sector 93-A Noida, were demolished as per orders of Supreme Court
of India in August 2022 resulting in financial loss of around Rs. 650 Cr. along with reputation loss
of its brand. In spite of that Company continued to work on projects under development albeit with
depleted liquidity.

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6. PROPOSED RESOLUTION OF CORPORATE DEBTOR ALONG WITH FINANCIAL

PROPOSAL AND TERM OF PLAN

6.1 Summarized Proposal

Capital Infusion

In order to keep the company as going concern, the Promoter proposes to infuse Rs. 5 Cr. interim
funding in Golf Country Project to continue construction work at site.

The Promoters proposes to infuse Rs. 50 Crore on the approval of the final resolution plan by the
NCLAT for the project's construction, lender repayment and payment of land authority dues.

Proposal for Financial creditors

Company has planned out a financial proposal of estimated total amount for Rs. 230.21
Crore to be paid to the financial creditors. The expected repayment term shall be within 3
years. Year-wise payment plan to the financial creditors are tabulated below.

Total Forecast Value Year -1 Year-2 Year-3

(Rs. in Cr.)
Total 230.21 79.53 75.36 75.33

In addition to outstanding ledger balance of Rs. 230.21 Cr., simple interest @ 8% p.a. on the
outstanding ledger balance, post approval from NCLAT till repayment shall also proposed to
be paid to the financial creditors out of 30% account post payment of CIRP cost.

Projected construction cost/land cost

The total amount of construction cost is Rs. 469 Crore and land dues to land authorities is
projected to be Rs. 387.34 Crores against YEIDA demand of Rs. 651.79 Crores. In fact the entire
has not been handed over so far there is 5640 Sq. Mtr. Land yet to be handed over by YEIDA.

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The details of land dues Rs. 387.34 Crores is computed after availing zero period as per
government order and Amitabh Kant Committee report on the subject, details are as under:

SI. No Project Land premium Lease rent Farmer Compensation Total dues

1 Golf country 195.82 50.26 141.25 387.34

Total 195.82 50.26 141.25 387.34

Consolidated Cash Flow Forecast Forecast Forecast

Total Forecast
(INR Cr.) 2024-25 2025-26 2026-27
Value
Construction 469 117.25 351.75 -
Land 387.34 51.23 173.26 162.85

Proposal for Land Authorities

Yamuna Expressway Authority shall grant the renewals /approvals for construction of projects
after approval of resolution plan by the Hon’ble NCLAT. Land Authorities shall allow required
approvals from time to time including Map revisions, issue OC/ CC and allow registration [sub-
lease] in favour of homebuyers and will not withhold any approvals during the currency of
settlement plan period. Payment of land dues will be made out of 20% of the receipt from
homebuyers through escrow account.

The construction cost is contingent and the same may increase at a predefined escalation rate in
all the three years totaling 15%. The provision shall be kept aside for contingency reserve out of
the surplus in the cash flows for unforeseen contingencies.

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Operational Creditors

The amount proposed to be paid to the operational creditors Rs. 10.77 Crore during the period of
implementation of plan.

6.1.1 Summary Proposal for Homebuyers/ allottees

Project construction completion plan has been prepared including funds planning and its
utilization primarily for completion of construction of Golf Country project and further towards
repayment to all the lenders/ stakeholders in phases. The projected planning shall endeavor to
complete the construction and deliver all sold units under Golf Country project in phase wise
manner within three year(s). The home buyers will be allowed delayed penalty as per Builder
Buyer Agreement (BBA) for the delayed period of delivery of flats computed till 12.07.2024
i.e date of Insolvency Order.

Further, the home buyers with cancelled units shall be given option to take alternative inventory
in other tower/ area of Golf Country project otherwise refunds shall be released after repayments
to the lenders of the project. Quarter wise estimated timelines for delivery of Units is tabulated
below.

Quarter wise estimated timelines for delivery of Units

S.N Quarterwise planning for balance units to be handed over to the customers
Name of Tower
O
Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10 Q11 Q12 Total
1 A1 87 87 87 87 348
2 A2 31 31 31 29 122
3 A3 76 76 76 77 305
4 C-1 20 25 30 11 86
5 C-2 15 22 30 9 76
6 C-3 10 15 18 20 25 23 111
7 C-4 12 15 20 25 10 82
8 C-5 20 25 25 70

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9 D-1 30 30 30 30 120
10 E-1 40 40 40 39 159
11 E-2 30 30 30 29 119
12 W 30 50 60 50 41 40 40 311
13 W1 40 40 40 40 40 200
14 W2 30 50 60 60 43 40 40 323
15 B1A 40 50 48 40 40 40 258
16 B1B 10 15 15 20 20 30 30 30 19 189
17 F 10 10 10 10 10 11 61
18 G 5 5 5 5 5 5 3 33
19 C 4 4 4 4 4 2 22
20 K 6 6 12
21 Plots 250 244 100 100 694
22 Tower A (TBL) 43 73 116
23 Schools (TBL) 6 1 7
24 Dispensary (TBL) 1 1
Milk & Vegetable
25 1
(TBL) 1
26 Nursing Home (TBL) 1 1
27 Commercial 3 1 1
28 Commercial 2&4 1 1 2
29 Commercial 1 1 1
Total 405 430 205 144 120 177 233 291 463 418 458 487 3826

6.2 Turnaround Strategy

The Promoters along with its technical team ensure addressing such operational issues as the
one faced by the corporate debtor. Hereby presenting this resolution plan, the Promoters is
making it abundantly sure that the corporate debtor would not only be revived, but by infusing
required amounts as per the plan as per the provisions mentioned herein and by introducing
Technical and Management Team to restart and take care of operations of the corporate debtor.

The Promoters shall also employ the available resources and assets for the necessary business
requirement of the Corporate Debtor, and thus in this way bring an operational turnaround to
the Corporate Debtor.

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We believe that the Corporate Debtor can be revived and turned around with the induction of
funds and kick start the stalled project Golf Country

6.3 Implementation and Supervision

6.3.1 Timeline Chart

The Promoters proposes to implement this Resolution Plan within a period in accordance
with the Implementation Schedule and other terms contained in this Resolution Plan.

The Promoters proposes to implement of the Resolution Plan in the following manner
(“Implementation Schedule”):

Indicative
S. No. Activity
Timeline
1. Approval of the Resolution Plan by the NCLT E
2. Obtaining approvals from various authorities E+ 180 days
3. Payment and settlement of Financial Creditors E+1095 days
4. Possession of flats to Home Buyers E+ 1095 days

6.3.2 Monitoring Committee

i. After the approval of Resolution plan, the Promoters along with all stake holders shall
form a monitoring committee within 15 days from effective date.
ii. The Monitoring Committee shall be constituted in following manner:
- One representative of the Promoters
- One representative from Home Buyers
- One representative from Lenders
- One representative from Land Authority - YEIDA
- Insolvency Resolution Professional (IRP)
The Chairman of the monitoring committee will be IRP.

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iii. The monitoring committee shall continue to be in the office till the implementation of the
Resolution Plan and will decide about all operational matters of the project.
iv. The bank operation is proposed to be joint signatory of Promoter and IRP.
6.4 Interim Finance

The amount proposed to be invested to revive the Project whether by the promoters / investor
will be treated as Interim Finance.

7. MANAGEMENT AND CONTROL OF CD

7.1 Directors

Since this project is under CIRP, the existing Directors will continue to function as Suspended
Directors of the CD.

7.2 Employees

It is proposed that the existing employee of the Corporate Debtor, if any, will continue to be
employed. Suitable augmentation of human resources to implement the Resolution Plan will
be undertaken by the Promoters. The Promoters reserves the right to replace/remove existing
employees to bring in operational efficiencies in the Corporate Debtor.

8. RELIEF AND CONCESSIONS

The Promoters seeks the following specific reliefs from the Adjudicating Authority:
A. Allow approval of the project Golf Country

To proceed with the project, it is imperative to secure various NOCs (No Objection certificates)
and approvals that are either expired or pending. Addressing these requirements is essential for
ensuring that the project progresses without legal or regulatory hindrances.

1. The site plan validity, which has expired, needs to be renewed through follow-up
actions with Noida Authority.

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2. Infrastructure development such as approach road by YEIDA is required to

facilitate the project according to sector planning.
3. It is essential to clear land stay and other issues to provide possession of land within
the plotted areas TS-05, Sector-22D, Yamuna expressway
4. Additionally, the RERA registration, which has expired, must be revalidated to
comply with regulatory requirements.
5. A time extension is requested for the four registered phases of the project
6. Other critical approvals include the renewal of fire NOCs, Environment Clearance
& Pollution approval from UPPCB and Fire NOC.
7. The application for consent to operate CTE also be required.
8. YEIDA to allow possession of balance land 5640 Sq. Mtr.

CD along with Investor shall ensure these approvals are in place within 6 months of
approval of Resolution Plan.

Further, it is requested to consider and allow:

B. On full payment, the Bank will release all the properties of the CD including release of title
deeds, and vacation of charges and release of personal guarantee of promoters and corporate
guarantors.

C. During the execution of settlement plan, there shall be no criminal proceedings, Section 138NI
Act. FIRs, recovery, stays and any other coercive actions by any agency, allottees, Financial
institution or stake holder against the promoters, its agents, assignee, employees, authorised
representative and any other person associated with promoter/guarantors including corporate
guarantors /Supertech Township Project Limited

D. Further, the projections have been planned considering all the contingencies that may incur in
future. All the projected cash flows of projects are positive at the completion of projects.
However, the scenario of real estate industry is challenging. Considering the tenure of the
proposal, construction timelines, escalations & other uncertainties, it is appropriate &desirable

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to keep a side 15% of surplus of cash flow as contingency reserve to meet out unforeseen causes
& liabilities.

E. Monitoring of implementation of resolution plan would be undertaken by a monitoring

committee which will have representatives of IRP, Promoter, Land Authority, Lender and
Home Buyer.

We hope the Resolution Plan finds the favor of all the stakeholders. We further prey to the
Hon’ble NCLAT to approve the Resolution Plan cum Settlement as submitted/ filed. We are open
and ready to provide any additional information required with request to the Plan proposed herein
and give an opportunity for removal of any defect or any deficiency in the Resolution Plan or
documents provided.

Thank you.
Yours sincerely,

Place: New Delhi

Date: __________

SITE PHOTOGRAPHS

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