Supertech has declared bankruptcy, are your apartments safe?

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Supertech Ltd has undertaken several projects in Noida, Gurugram, Ghaziabad and Greater Noida. Thousands of buyers are waiting for their apartment in these housing estates.

Supertech has assured that buyers will receive their apartments.

Supertech was declared insolvent after the National Company Law Tribunal (NCLT) upheld Union Bank of India’s claim for non-payment of dues. The Delhi Bench of the NCLT, which heard the plea, also appointed Hitesh Goel as an Insolvency Resolution Professional (IRP).

Supertech, however, said it would approach NCLAT to appeal the order, saying the case involved a financial creditor.

It comes as Supertech has been tasked with demolishing the property developer’s 40-storey twin towers at Emerald Court in Noida. The towers must be demolished by May 22.

Supertech Ltd has undertaken several projects in Noida, Gurugram, Ghaziabad and Greater Noida. Thousands of buyers are waiting for their apartment in these housing estates.

WHAT BUYERS MUST DO

  • Homebuyers need not panic. They should immediately file their claim forms and submit them to IRP Hitesh Goel.
  • Once this paperwork is completed, homebuyers would become eligible to verify their claim in Supertech.
  • They will also be part of the creditors’ committee (COC).
  • The COC will become the approving authority for all key Supertech decisions.
  • Therefore, homebuyers who decide to become part of the COC will play a pivotal role in the revival of Supertech.

SUPERTECH ENSURES BUYERS

Supertech assured that the buyers would take possession of their apartments.

“We have a strong track record of delivering over 40,000 apartments over the past 7 years and will continue to deliver our buyers as part of our 2022 completion mission under which we have committed to delivering 7,000 units of by December 2022,” Supertech mentioned.

“In the interests of homebuyers, preference has been given to building and delivering projects over reimbursement of bank charges which may be honored after project completion. Like all projects in the business are financially viable, there is no risk 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.

READ ALSO | Supertech Twin Towers will be demolished by May 22, according to SC Noida Authority

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