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Supertech insolvency: Here's how homebuyers can submit claims

Supreme Court had ordered the demolition of Supertech Ltd's twin 40-storeyed towers, which are part of the under-construction Emerald Court project in Noida for violation of building norms (PTI)Premium
Supreme Court had ordered the demolition of Supertech Ltd's twin 40-storeyed towers, which are part of the under-construction Emerald Court project in Noida for violation of building norms (PTI)

  • Supertech has taken a loan of 431.92 crore from the Union Bank of India
  • Real estate developer Supertech Ltd was declared bankrupt by the NCLT, a move that could have a bearing on more than 10,000 home buyers of the firm's ongoing projects

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As the National Company Law Tribunal (NCLT) ordered insolvency proceedings against real estate developer Supertech Ltd for default of 431.92 crore, the homebuyers of the project in the NCR region have a chance to submit their claims insolvency resolution professional (IRP) now.

Homebuyers can submit their claims with proofs online by visiting supertechlimited.com/public-announcement.php.eisdes, for any queries, home buyers are requested to call 8904039001 between 10 am to 6 pm.

Hitesh Goel has been appointed as Interim Resolution Professional (IRP) by the tribunal to take forward the insolvency proceedings.

Supertech has taken a loan of 431.92 crore from the Union Bank of India. As per the company, it has 38,041 customers, out of which 27,111 homes have been delivered, while more than 10,000 homebuyers will be affected by the NCLT order.

Supertech, in a statement, said that it will challenge the NCLT order in the National Company Law Appellate Tribunal (NCLAT).

"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 an appeal against the order as the matter belongs to a financial creditor," said Supertech.

Further, the company said that in the interest of homebuyers, a preference was given to construction and the delivery of projects over repayment of Bank dues which can be fulfilled after project completion.

The company has claimed that it has a "strong record of delivering more than 40,000 Flats during the last 7 years", and they shall continue to deliver to their buyers under 'Mission Completion - 2022' Supertech undertook with a target of delivering 7,000 units by December 2022.

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

On August 31 last year, the Supreme Court had ordered the demolition of Supertech Ltd's twin 40-storeyed towers, which are part of the under-construction Emerald Court project in Noida for violation of building norms.

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