Supertech goes into insolvency, fate of buyers in limbo
Ten News Network
Noida (25/03/2022): One of the prime developers of Noida-Greater Noida region, Supertech Ltd, has gone 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.
The group has several ongoing projects in Noida, Greater Noida, Gurugram and Ghaziabad,
This order of NCLT may impact over 25,000 homebuyers who were awaiting possession of their homes booked with the developer for several years.
NCLT had reserved its order in the case on March 17, 2022, after the one-time settlement proposed by Supertech Ltd was rejected by the bank and arguments were heard.
With the new government in UP being formed today, this ongoing builder buyer issue may turn out to be a major bone of contentation that newly elected lawyers may have to look into it.
