Real Estate Developer Supertech Declared Bankrupt

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New Delhi: Real estate developer Supertech was declared bankrupt by the National Company Law Tribunal (NCLT) on Friday in a move that could have an effect on 25,000 home buyers. The company law tribunal took the decision in response to a petition filed by the Union Bank of India (UBI) for non-payment of dues.

The NCLT has appointed Hitesh Goel as the insolvency resolution professional (IRP).

The company which was under stress and was in the process of demolishing two illegal towers at its Noida project following the order of the Supreme Court, has multiple under construction projects in NCR.

“Homebuyers should immediately file their claim forms with the appointed IRP, this is will enable them to ascertain their claim in the company and to be a part of the Committee of Creditors(COC). Since all the crucial decisions of the company will now be taken after the due approval of the COC, this will enable the homebuyers to be instrumental in revival of the company,” said Aditya Parolia, Partner, PSP Legal, which is representing around 1500 Supertech Homebuyers in various courts/projects.

According to NCLT order dated March 17, one time settlement proposal submitted by the Corporate Debtor has not been accepted by Union Bank of India.

“Therefore, the counsel for Supertech has admitted the debt and default,” the NCLT had said.

Supertech said that it will be approaching NCLAT in appeal against the order as the matter belongs to a financial creditor.

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