NCLT Declares Supertech Bankrupt, 25,000 Homebuyers May Be Impacted

The Supreme Court had ordered demolition of Supertech's 40-story twin towers in Noida

Supertech is now left with an option to appeal to the National Company Law Appellate Tribunal against the NCLT order. Image: Getty

New Delhi:  Real estate developer Supertech Ltd, which has several ongoing projects in Noida, Greater Noida, Gurugram, and Ghaziabad, was declared bankrupt by the National Company Law Tribunal (NCLT) on Friday.  

According to a report by the IANS, the NCLT order is likely to hit over 25,000 homebuyers who have booked their homes with the company for over several years. However, there is no clarity on the developer's dues to lenders.

On Friday (March 25), the developer has gone into insolvency after the NCLT admitted a plea filed by the Union Bank of India for non-payment of dues.

According to news reports, the Delhi bench of the insolvency court has appointed Hitesh Goyal as the interim resolution professional.

The tribunal had reserved its order in the case on March 17, 2022, after the one-time settlement proposed by Supertech Ltd was rejected by the bank and arguments were heard.

In a report in Moneycontrol, Piyush Singh, partner of PSP Legal, said: “The homebuyers who had booked their apartments with Supertech should not panic but immediately file their claim with IRP as required under the law."

However, Supertech is now left with an option to appeal to the National Company Law Appellate Tribunal (NCLAT) against the NCLT order.

Earlier, the Supreme Court had ordered the demolition of its twin towers in Noida and last month, the Noida authority had informed the top court that Supertech 40-story twin towers will be demolished on May 22. The court also had said that homebuyers, who paid for flats in the 40-storey twin towers, have to be refunded on or before February 28.

About 25,000 homebuyers, who were awaiting possession, had booked their homes in Supertech’s project but are yet to get possession. These homebuyers have been waiting for several years to get possesion.