Delhi-NCR-based developer Supertech, which has several ongoing projects in Noida, Greater Noida, Gurugram and Ghaziabad, went into insolvency on March 25 after the Delhi bench of the National Company Law Tribunal admitted a petition filed by the Union Bank of India for non-payment of dues of Rs 431,92,53,302 as on 31.01.2021.
This order may impact over 25,000 homebuyers who were awaiting possession of their homes booked with the developer for several years. However, Supertech claimed that the company has 38,041 customers out of which 27,111 homes have been delivered.
Reacting to the order, Supertech said that it will be approaching NCLAT in appeal against the order.
“In the matter of appointment of IRP in one of the Supertech Group Companies, by the National Company Law Tribunal (NCLT), management of the Company stated that the Company will be approaching NCLAT in appeal against the order as the matter belongs to a financial creditor. 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,” it said in a statement.