Supertech declared bankrupt | Are your flats safe?
India Today
Supertech Ltd has undertaken multiple projects in Noida, Gurugram, Ghaziabad, and Greater Noida. Thousands of homebuyers are awaiting their flats in these housing projects.
Supertech has been declared insolvent after the National Company Law Tribunal (NCLT) admitted the Union Bank of India's petition over non-payment of dues. The Delhi-bench of NCLT, which heard the plea, also appointed Hitesh Goel as the insolvency resolution professional (IRP).
Supertech, however, said that it would approach NCLAT to appeal against the order claiming that the matter pertains to a financial creditor.
This comes as Supertech was directed to demolish the realty developer's 40-storey twin towers in Emerald Court in Noida. The towers will have to be demolished by May 22.
Supertech Ltd has undertaken multiple projects in Noida, Gurugram, Ghaziabad, and Greater Noida. Thousands of homebuyers are awaiting their flats in these housing projects.
Supertech has assured that homebuyers will get possession of their flats.
"We have a strong record of delivering more than 40000 Flats during the last 7 years and we shall continue to give delivery to our buyers under our Mission Completion 2022 under which we have undertaken a target of delivering 7000 Units by December, 2022," Supertech said.
"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 the operations of any other Supertech Group Company," the company said in a statement.
