Developer Supertech faced a bankruptcy declaration from the National Company Law Tribunal (NCLT) on Friday, a situation that may have repercussions for approximately 25,000 home buyers. This action by the tribunal was taken following a petition from the Union Bank of India due to unpaid debts.
In light of this, Supertech has communicated its intention to appeal the NCLT’s ruling to the National Company Law Appellate Tribunal (NCLAT).
Company Operations Remain Unaffected
The real estate firm stated, "Because all the company’s projects are financially viable, no financial party or creditor can suffer losses. The order will not affect the operations of any other Supertech Group company.”
The firm firmly asserted that the NCLT decision would not impede the construction progress of ongoing projects or the overall functioning of the company. Supertech expressed its unwavering commitment to providing apartment possessions to homebuyers, emphasizing their substantial experience in delivering over 40,000 apartments during the past seven years. Under the ‘Mission Complete-2022’ initiative, the goal is to deliver 7,000 units by December 2022.
Moreover, it is noted that projects such as Supernova, ORB, Golf Country, HUES, Azaila, Esquire, Valley Basera, Metropolis, and Pentagon Mall, along with associated hotels, will remain insulated from the NCLT’s decision.
The NCLT acts as the authority governing the insolvency resolution processes for companies under the Insolvency and Bankruptcy Code (IBC), and any decision made by the NCLT can subsequently be appealed to the NCLAT.
Earlier this month, it was revealed that the demolition of Supertech's Twin Towers in Noida is scheduled for May 22, following the Supreme Court's order. This ruling, which took place on August 31, 2021, ordered the demolition of the Apex (100 meters) and Ceyane (97 meters) buildings citing violations of building regulations.