Delhi NCR real estate company Supertech Limited went bankrupt on 25 March. It has several major projects going on in Noida, Greater Noida, Gurugram and Ghaziabad. The Delhi Bench of the National Company Law Tribunal accepted the petition filed by Union Bank of India for non-payment of dues by 31-January- 2021. The order could affect more than 25,000 homebuyers who were waiting for possession of their homes booked with the developer for several years.
NCLT appointed Hitesh Goyal as Insolvency Resolution Professionals (IRP) for Supertech under the Insolvency and Bankruptcy Code (IBC). The tribunal had reserved its order in the matter on March 17, 2022, when the one-time settlement proposed by Supertech was rejected by the bank and arguments were heard.
Responding to the order, Supertech said it would approach the NCLAT in appeal against the order. In a statement, it said that in the matter of appointment of IRP by the National Company Law Tribunal (NCLT) in one of the Supertech Group companies, the management stated that the company would approach the NCLAT in appeal against the order as the matter pertains to a financial creditor.
The statement also said that in the interest of home buyers, priority was given to construction and delivery of projects over repayment of bank dues, which could be completed after the completion of the project. Since all the projects of the company are financially viable, there is no possibility of loss to any party or financial creditor. This order will not affect the operations of any other Supertech Group company.