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The National Company Law Appellate Tribunal (NCLAT) has cleared the way for insolvency proceedings against Supertech Realtors, the developer of the Supernova project, by upholding a previous NCLT order. The NCLAT dismissed an appeal by promoter Ram Kishore Arora, whose settlement proposal was rejected by a consortium of banks with over INR 990 crore in dues. This decision allows for the formation of a Committee of Creditors to take over the project, which is 80% complete, a significant step towards a resolution for thousands of homebuyers waiting for possession in Noida.
The National Company Law Appellate Tribunal (NCLAT) on August 14, 2025, cleared the way for the initiation of a Corporate Insolvency Resolution Process (CIRP) against Supertech Realtors, the developer of the Supernova project. This action follows an appeal by the company's promoter, Ram Kishore Arora, which was dismissed by the tribunal. The NCLAT has now upheld the previous order passed by the Delhi bench of the National Company Law Tribunal (NCLT) on June 12, 2024, which had first directed the insolvency process. Advertisement
The project, which is a mixed-use development with residential apartments, offices, retail space, and a luxury hotel, is being built at a cost of INR 2,326.14 crore on a 70,002 square-meter plot in Sector 94, Noida. As per the plans, the Supernova project will have 80 floors and will be the tallest building in Delhi-NCR at a height of 300 meters.
The dispute originated from a term loan of INR 150 crore granted by the Bank of Maharashtra in December 2012, which was part of a larger INR 735.58 crore financial assistance from a consortium of lenders led by Union Bank of India. The loan was repayable by March 2023. However, Supertech Realtors failed to maintain financial discipline and defaulted on payments, leading to a huge accumulation of outstanding dues. The consortium of banks stated in a meeting on June 13, 2025, that the total dues were above INR 990 crore.
The NCLAT's decision came after the consortium of banks rejected a revised One Time Settlement (OTS) proposal from Arora, which was submitted with Parmesh Construction Company as a co-developer. The appellate tribunal said that the reasons for the banks' rejection of the OTS could not be challenged in the proceedings. With the appeal dismissed, the NCLAT has now given a go-ahead to the interim resolution professional appointed by NCLT to form the Committee of Creditors (CoC) and proceed with the CIRP. This is a significant step for the thousands of homebuyers who have been waiting for possession of their units for several years, as the project is reportedly 80% complete.
Source- PTI
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