Realty major Supertech faces bankruptcy and insolvency proceedings

28 Mar 2022 CW Team

Realty major Supertech Ltd faced bankruptcy and insolvency proceedings on Friday after failing to repay dues to the Union Bank of India (UBI).

The National Company Law Tribunal (NCLT) began proceedings following the Insolvency and Bankruptcy Code-2016 against Supertech Ltd in response to UBI’s plea seeking its dues from the company. NCLT heard UBI’s case on March 17 and had reserved its opinion for Friday morning. A group of 100 homebuyers had additionally filed insolvency cases against Supertech in NCLT.

NCLT also assigned Hitesh Goyal as an interim resolution professional (IRP) at Supertech, and current chairman RK Arora and managing director Mohit Arora will stop having decision-making powers. The insolvency resolution process (IRP) will also ask for resolution plans from developers who may want to acquire the debt-ridden company and restore it.

Besides UBI, many homebuyers had additionally filed insolvency and bankruptcy cases before the NCLT, asking for justice after the real estate company failed to deliver the apartments.

Piyush Singh of PSP Legal, who has filed 100 cases on behalf of the homebuyers who sought claims of at least Rs 100 crore from Supertech, told the media that the homebuyers need not panic as a new developer will restore the firm.

Supertech has obtained adequate assets and homebuyers only need to follow the process and file claims. Not filing the claims will impact their interest. The real estate company needs to deliver at least 25,000 units to homebuyers in 50 projects spreading across Greater Noida, Noida, Yamuna Expressway, Gurugram and Ghaziabad, among other cities.

As per the home buyers in Greater Noida’s Eco Village, Supertech is yet to implement the registry of at least 12,000 apartments and the delivery of around 7,000 apartments are on hold.

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Also read: SC orders Supertech to ink deal with Edifice to raze twin towers

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