Homebuyers and financial creditors have until April 8, 2022 to submit their claims in the Supertech insolvency case, the insolvency resolution professional (IRP) for the company said in an advertisement on March 29.
Form B has to be filed by operational creditors, Form C for claims by financial creditors other than homebuyers, Form CA for claims by homebuyers, Form D for claims by workmen and employees, Form E for claims by authorized representative of workmen and employees, and Form F for claims by creditors other than operational and financial creditors.
Moneycontrol was the first to write that IRP would float an advertisement on March 29, asking for claims by homebuyers and other creditors.
Delhi-National Capital Region (NCR)-based developer Supertech, which has several ongoing projects in Noida, Greater Noida, Gurugram and Ghaziabad, went into insolvency proceedings on March 25 after the Delhi bench of the National Company Law Tribunal (NCLT) admitted a petition filed by Union Bank of India for non-payment of dues of nearly Rs 432 crore as of January 31, 2021.
The NCLT appointed Hitesh Goel as the insolvency resolution professional for Supertech under the Insolvency and Bankruptcy Code (IBC). The tribunal had reserved its order in the case on March 17, 2022 after a one-time settlement proposed by Supertech was rejected by the bank and arguments were heard.
Homebuyers invested in Supertech projects should file their claims with the resolution professional by the due date and make sure that they submit all the documents such as builder-buyer agreement, statement of accounts and correspondence relating to any special privileges that the builder may have given to buyers such as extra parking that may not be part of the agreement but may have been mentioned on email, said Aditya Parolia, a partner in law firm PSP Legal.
This will enable them to ascertain their claim on the company and to be a part of the Committee of Creditors(COC).
“Insolvency as per Indian Laws is a process to resurrect the company and not be the death knell of the company; this is the first thing to be kept in mind by all concerned," Parolia said. "Hence, there is no need to panic. However, it is imperative to secure one's right at all times, homebuyers in particular. In order to achieve the same, homebuyers should immediately file their Claim forms with the appointed IRP, this 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 resurrecting the company,” he added.Supertech had said in a statement it would challenge the insolvency proceedings in the National Company Appellate Law Tribunal. The builder also said the business of other group companies will not be affected by the proceedings.