Developer Supertech was declared bankrupt by the National Company Law Tribunal (NCLT) on Friday, which could affect 25,000 home buyers. The company law tribunal enacted in response to a petition filed by the Union Bank of India due to non-payment of dues.
In response, the developer indicated that it would file an appeal to the National Company Law Appellate Tribunal (NCLAT) against the NCLT measure.
Order will not affect the company operations
“Because all the company’s projects are financially viable, no financial party or creditor can suffer losses. The order will not affect the operations of any other Supertech Group company, the real estate firm said in a statement.”
“The NCLT order will not affect the construction of current projects or the operation of the company. We are committed to give possessions of apartments to homebuyers. We have extensive experience in commissioning more than 40,000 apartments over the past 7 years. Under our ‘Mission Complete-2022’ mission, we have set a goal of delivering 7,000 units by December 2022.”
It also states that Supernova, ORB, Golf Country, HUES, Azaila, Esquire, Valley. Basera, Metropolis and Pentagon Mall and hotels will not be affected by the decision.
NCLT is the authority for the insolvency resolution process of companies under the Insolvency and Bankruptcy Code (IBC). An NCLT’s decision can be appealed to NCLAT.
Earlier this month, officials announced that the Supertech’s Twin Towers in Noida would be demolished on May 22 according to the Supreme Court order. On August 31, 2021, the Supreme Court ordered the demolition of Supertech Apex (100 meters) and Ceyane (97 meters) buildings because the twin towers were erected in violation of building codes.