Supertech Declared Bankrupt by NCLT, Fate of Over 25,000 Homebuyers’ Lays Hanging
Under the Insolvency and Bankruptcy Code (IBC), the NCLT has appointed Hitesh Goel as the insolvency resolution professional (IRP).
Mumbai, March 25: Realty developer Supertech on Friday was declared insolvent after the Delhi bench of National Company Law Tribunal (NCLT) admitted a plea filed by the Union Bank of India over non-payment of dues.
On March 17, 2022, the tribunal had reserved its order in the case, after the one-time settlement proposed by Supertech Ltd was rejected by the bank. ICICI Direct Services Down; Netizens Post Tweets Complaining Service Outage.
Under the Insolvency and Bankruptcy Code (IBC), the NCLT has appointed Hitesh Goel as the insolvency resolution professional (IRP), reported Moneycontrol.
It must be noted that Supertech has several ongoing projects in the NCR region. The company was in the process of demolishing two illegal towers at Noida following the Supreme Court order.
A statement released by Supertech said, "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. 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."
"We have a strong 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," the company statement read.
The insolvency of Supertech will impact it's buyers as the company has many ongoing projects in National Capital Region (NCR) such as Gurugram, Ghaziabad, Noida and Greater Noida.
According to reports, over 25,000 homebuyers are awaiting for possession of flats built by Supertech Ltd. However, buyers must not panic but rather file their claim with IRP with Hitesh Goel with immediate effect.
(The above story first appeared on LatestLY on Mar 25, 2022 05:20 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).