One of Supertech Limited's housing projects, Ecovillage II in Greater Noida, promoted by R K Arora, is also facing insolvency proceedings.
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color:black;mso-themecolor:text1">Digital Desk: Supertech Limited stated on
Thursday that the Twin Towers, which were demolished on August 28, belonged to
the company and would be used for another residential project after receiving
approval from the Noida Authority and consent from Emerald Court homebuyers.
color:black;mso-themecolor:text1">In an exclusive interview with ANI, RK Arora,
Chairman and Managing Director of Supertech Limited, revealed that the Twin
Towers at Apex and Ceyane in Noida are part of the Emerald Court Project at
Sector 93A, which was built on land allotted by the Noida Authority.
color:black;mso-themecolor:text1">He said the project's building plans,
including the two towers, were approved by the Noida Authority in 2009, in
strict accordance with the then-current building byelaws.
color:black;mso-themecolor:text1">"There was no deviation from the
building plan, and the building was constructed after full payment to the
authorities." Both towers have now been demolished, and we have paid the
demolition cost of 17.5 crores to the agencies involved in the demolition as
ordered by the Supreme Court.
color:black;mso-themecolor:text1">Mr. Arora stated that we will use that land
with the authority's approval and with the RWA's consent and that we will use
that land in accordance with the rules.
color:black;mso-themecolor:text1">"We have refunded 95% of Apex and Ceyane
twin tower homebuyers," Mr. Arora said.
color:black;mso-themecolor:text1">We are giving property or returning money
with interest to the remaining 5% of people who have come to us, and we are
fully complying with the Supreme Court's order.
color:black;mso-themecolor:text1">One of Supertech Limited's housing projects,
Ecovillage II in Greater Noida, promoted by R K Arora, is also facing
insolvency proceedings.
color:black;mso-themecolor:text1">"Only one project is facing insolvency
proceedings," Mr. Arora explained, "and he is confident that none of
his other projects will face insolvency proceedings as his focus is to deliver
all of his ongoing projects within the next 24-month timeline."
color:black;mso-themecolor:text1">"Today 5,000 men are on-site working for
the completion of the projects, and there is no fear of insolvency He added
that if proceeding on any other project, we hope that we will complete it on
time.
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