Supertech goes into insolvency, homebuyers likely to be affected
Premium- Supertech news: The realty firm was in the process of demolishing its twin towers in Noida.
Realty developer Supertech, which has several ongoing projects in Delhi and NCR region, was declared insolvent by National Company Law Tribunal (NCLT), news agency PTI reported.
A Delhi bench of NCLT has admitted the plea of Union Bank of India over non-clearance of dues. This is the second major setback for Noida-based developer in the last one year.
The realty firm was already in the process of demolishing its two towers in Noida.
The Supreme Court had ordered the demolition of Supertech's Apex (100 metre) and Ceyane (97 metre) on August 31 last year as the twin towers had come up in violation of building norms.
While directing the demolition of two towers over grave violations of building norms, the top court had said that it was a result of "nefarious complicity" between Noida Authority and the Supertech and ordered that company shall carry out the demolition at its own expense within three months under the supervision of the Noida Authority and an expert body like the Central Building Research Institute.
Supertech Group said it would challenge the order before the National Company Law Appellate Tribunal (NCLAT).
"In the matter of appointment of IRP (Interim Resolution Professional) in one of the Supertech Group companies by the NCLT, management of the company stated that the company will be approaching NCLAT in an appeal against the order," Supertech Group said in a statement.
However, it also added the NCLT order will not affect operations of other companies of the Supertech Group.
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The NCLT order 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," it said.
The debt of Supertech Ltd is around ₹1,200 crore, including nearly ₹150 crore loans from Union Bank of India, he added.
According to Arora, there are three-four other companies in the group that are developing many projects across Delhi-NCR, including luxury project Supernova.
Supertech has 38,041 customers and out of them, homes have been delivered to 27,111 people. As many as 10,930 homes are yet to be delivered and among them, over 70 per cent construction is complete with respect to over 8,000 homes, according to Supertech Group Managing Director Mohit Arora. The tribunal has also directed the IRP to make a public announcement in this regard and declared a moratorium against the company as per the provision of the Insolvency & Bankruptcy Code.
(With PTI inputs)
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