Property developer Supertech Ltd on Friday went into insolvency after the National Company Law Tribunal (NCLT) admitted a petition filed by the Union Bank of India for non-payment of dues, according to a Moneycontrol report.

However, there is no clarity over the amount of dues that is required to be paid by Supertech to lenders.

The Delhi-bench of NCLT has also appointed Hitesh Goel as the insolvency resolution professional (IRP) in this matter under the Insolvency and Bankruptcy Code (IBC), Moneycontrol reported.

SUPERTECH STATEMENT

“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 operations of any other Supertech Group Company,” Supertech said in a statement.

“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,” the company said.

IMPACT ON HOMEBUYERS

Supertech Ltd has a number of projects in the National Capital Region (NCR) such as Gurugram, Ghaziabad, Noida and Greater Noida.

More than 25,000 homebuyers are awaiting for possession of flats built by Supertech ltd.

However, homebuyers of Supertech flats must not panic. Instead, they should immediately file their claim with IRP with Hitesh Goel.

SUPERTECH TWIN TOWERS

Earlier in February, the Noida authorities informed the Supreme Court that Supertech’s twin 40-storey towers in the Emerald Court project would be demolished by May 22. The authorities also stated that all debris will be removed by August 22.