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Alpha Corp to infuse Rs 500 cr in stuck projects of Earth Infrastructure

Wednesday, 23 Jun 2021
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Alpha Corp will make an investment Rs 500 crore in three stuck projects of Earth Infrastructure following the National Company Law Tribunal’s (NCLT) approval of the real estate developer’s resolution plan.

NCLT had approved the plan earlier this month, offering a glimmer of hope to more than 1,000 homebuyers who have been stuck in the projects since 2015.

Five projects of Earth Infrastructure were stuck and NCLT had allowed bidders to submit separate resolution plans for each project instead of asking them to submit one plan for the company.

The company needs Rs 150 crore to start the project and for that we it will approach the banks and SWAMIH fund. The project will be completed in the next three-five years.

The company has taken over three projects – Earth Copia, Earth Sapphire and Earth Techone.

Earth Copia is a residential project on Dwarka Expressway in Gurugram, Haryana, with more than 600 flats while Earth Techone is a commercial project on Yamuna Expressway with a development capacity of two million sq ft.

Earth Sapphire is a commercial and retail project spread over 1.5 million sq ft, where 60 percent of the work has been done.

The resolution plan along with the scheme submitted by Alpha Corp has been approved by the Committee of Creditors with a majority of 99.97 percent.  NCLT rejected the objection raised by HDFC Bank against the resolution plan.

Alpha Corp plans to invest nearly Rs 1,000 crore in reviving 10 stuck projects in the Delhi-National Capital Region. With the help of buyer associations in these projects, the company had submitted bids in the Delhi High Court and  NCLT.

 

 
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