More

    Supertech Insolvency: 25,000 Homebuyers Dream Crumbles Down

    Supertech, reacting to the NCLT insolvency Order today said that the judgement will not impact the construction at all ongoing projects or operation of the company and “we are committed to giving delivery of units to allottees. But, the homebuyers are left in lurch.

    The builder went on to state that it has an established record of delivering more than 40000 Flats during the last 7 years and we shall continue to give delivery to our buyers under our “Mission Completion – 2022” under which we have undertaken a target of delivering 7000 Units by December, 2022.”

    Supertech, which has several ongoing projects in Noida, Greater Noida, Gurugram and Ghaziabad, went into insolvency on March 25 after the Delhi bench of the National Company Law Tribunal admitted a petition filed by the Union Bank of India for non-payment of dues.

    Supertech Insolvency to impact 25,000 Homebuyers

    This order may impact over 25,000 homebuyers of Supertech who were awaiting possession of their homes booked with the developer for several years.

    The NCLT appointed Hitesh Goel as the insolvency resolution professional (IRP) for Supertech under the Insolvency and Bankruptcy Code (IBC). The tribunal had reserved its order in the case on March 17, 2022 after the one time settlement proposed by Supertech was rejected by the bank and arguments were heard.

    There is no clarity on Supertech’s dues to lenders. A copy of the written order is awaited. Reacting to the order, Supertech said that it will be approaching NCLAT in appeal against the order.

    “In the matter of appointment of IRP in one of the Supertech Group Companies, by the National Company Law Tribunal (NCLT), management of the Company stated that the Company will be approaching NCLAT in appeal against the order as the matter belongs to a financial creditor.

    In the interest of homebuyers, preference was given to construction and delivery of projects over repayment of bank dues which can be fulfilled after project completion.

    All the projects of the company are financially viable – Supertech

    As all the projects of the Company are financially viable, there is no chance of loss to any party or financial creditor.  The order will not affect operations of any other Supertech Group Company,” it said in a statement.

    Once a company is admitted to the corporate insolvency resolution process there is a moratorium on all pending civil, consumer, RERA cases, including executions till resolution is achieved.

    “The homebuyers who had booked their apartments with Supertech should not panic but immediately file their claim with IRP as required under the law,” Piyush Singh, Partner of PSP Legal, which had filed several petitions before Delhi High Court and NCLT against Supertech, told

    Share

    Latest Updates

    Related Articles

    Anthony Albanese Takes Over as Australia’s New PM, Promises a “journey of change”

    Anthony Albanese, the leader of Australia's Labor Party, was sworn in as the country's...

    French Open: Alcaraz Smashes Out Lorendo to Enter Round Two

    Carlos Alcaraz, a 16-year-old wonder, defeated Argentine lucky loser Juan Ignacio Londero 6-4, 6-2,...

    IPL Record Batsman Shikhar Dhawan bowled out from Team India

    Shikhar Dhawan lost his place in Team India, despite not being selected for the...

    Ankiti Bose Sacked by Zilingo on Charges of Financial Wrong Doing

    Ankiti Bose, Zilingo's co-founder and CEO, has been sacked after the company's board suspended...