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Debt-ridden developer Supertech Ltd, currently under insolvency proceedings, has delivered more than six thousand homes across multiple housing projects over the past three years, despite facing financial distress. The deliveries were made under the supervision of an insolvency resolution professional appointed by the National Company Law Tribunal. Former chairman RK Arora confirmed that around fifteen thousand homes remain pending, with the firm seeking Supreme Court approval for a joint resolution plan with Apex Heights Pvt Ltd.
Crisis-hit real estate firm Supertech Ltd, which is undergoing insolvency proceedings, has handed over possession of over six thousand apartments to its customers in the past three years across various housing developments. The units were delivered across sixteen under-construction projects by the company's previous management, working under the oversight of a resolution professional appointed by the National Company Law Tribunal (NCLT). Advertisement
The NCLT had earlier admitted Supertech Ltd to the Corporate Insolvency Resolution Process (CIRP), following which the promoter filed an appeal with the National Company Law Appellate Tribunal (NCLAT). The appellate tribunal later directed that a committee of creditors be formed only for the Eco Village-II project, while all other projects were to be completed by the earlier management under the supervision of an interim resolution professional.
In a statement issued earlier this week, RK Arora, the former chairman of the suspended board, said the company had delivered over six thousand homes during what he termed as the period of reverse insolvency from mid-2022 onwards. He added that about fifteen thousand flats across sixteen projects in Noida, Greater Noida and Meerut were still awaiting completion, with a target to deliver another one thousand units within the next three months.
Arora further noted that Supertech and Apex Heights Pvt Ltd had jointly submitted a resolution plan to the Supreme Court, seeking approval to act as co-developers for the sixteen ongoing projects. According to the proposal, Apex Heights would inject INR 500 crore over twelve months to complete construction, hand over units to homebuyers, and clear dues to lenders and land authorities. If approved, the plan envisages project completion within two years.
In a related development, the NCLAT last month cleared the way for insolvency proceedings against Supertech Realtors, the group company responsible for the Supernova project in Noida, which comprises residential units, offices, retail spaces, and a luxury hotel.
The proposed joint resolution plan with Apex Heights, currently awaiting the Supreme Court's approval, could prove crucial in completing the remaining developments and addressing outstanding commitments to buyers, lenders and authorities. The outcome of the legal process will determine the company's ability to navigate its financial troubles and deliver on its obligations.
Source - PTI
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