Big Setback for 25000 Home Buyers Got; Know What is The Whole Matter

Supertech Ltd faced bankruptcy and insolvency proceedings on Friday after failing to repay Union Bank of India debts (UBI).

Supertech Ltd was declared bankrupt by the National Company Law Tribunal (NCLT) on Friday, a decision that could affect 25,000 home buyers in the firm’s ongoing projects in Delhi and the NCR region.

In response to UBI’s request for payment from the firm, the National Company Law Tribunal (NCLT) initiated proceedings against Supertech Ltd under the Insolvency and Bankruptcy Code-2016. The NCLT heard UBI’s case on March 17 and scheduled its decision for Friday morning. In addition, a group of 100 homebuyers filed insolvency proceedings against Supertech in the NCLT.

The NCLT also named Hitesh Goyal as an interim resolution professional (IRP) at Supertech, and current chairman RK Arora and managing director Mohit Arora will no longer be able to make decisions. The IRP will also seek resolution plans from developers who may wish to take over and revitalise the debt-ridden firm.

This is the second major setback for the Noida-based developers in the last year

In response, the developer stated that it will appeal the NCLT decision to the National Company Law Appellate Tribunal (NCLAT).

“There is no risk of loss to any party or financial creditor because all of the company’s projects are financially viable. The order has no bearing on the operations of any other Supertech Group Company “According to the real estate firm.

“The NCLT order will have no effect on the company’s ongoing projects or operations, and we are committed to delivering units to allottees. We have a strong track record of delivering over 40,000 flats in the last seven years, and we will continue to deliver to our buyers under our ‘Mission Completion – 2022,’ under which we have set a target of delivering 7,000 units by December 2022 “it was added

“Homebuyers should not be concerned because the company will be revitalised by a new developer.” Supertech has sufficient assets, and homebuyers need only follow the process and file claims. “Not filing the claims will jeopardise their interests,” said Piyush Singh of PSP Legal, who has filed 100 cases on behalf of homebuyers seeking claims from Supertech worth at least Rs 100 crore. The real estate company must deliver at least 25,000 units to homebuyers across 50 projects in Noida, Greater Noida, Yamuna Expressway, Ghaziabad, and Gurugram, among other cities.