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A hybrid resolution method monitored by the Supreme Court has been proposed to complete the stalled Supernova project by Supertech Realtors in Sector 94, Noida. The plan, modeled on earlier cases like Amrapali and Unitech, would put a retired judge or High Court Chief Justice in charge of supervising project revival. Suggested steps include removing current promoters from control, appointing a new board and project management consultant, and conducting a forensic audit of finances. The proposal aims to protect homebuyers' interests while respecting the rights of financial creditors.
The Supreme Court is being asked to adopt a court-monitored hybrid resolution plan to complete the Supernova project by Supertech Realtors. The project is in Noida's Sector 94 and includes residential, commercial, studio and service apartments, offices and shopping space. It has been delayed amid insolvency proceedings against Supertech Ltd. Advertisement
The plan would work like the resolutions in past projects such as Amrapali and Unitech. It calls for supervision by someone like a retired Supreme Court judge or a former high court chief justice. A report by amicus curiae Advocate Rajiv Jain suggests that promoter control should be removed, with the promoter allowed only technical cooperation if needed. Key management should be excluded from the resolution process.
A forensic audit of the accounts of Supertech Realtors and its parent company is part of the proposal. A new board and a project management consultant (similar to the NBCC model) are proposed. The current Interim Resolution Professional would be replaced, since control of the project has not been taken effectively months after being appointed.
Homebuyers are divided over the choice of co-developer. The Supernova Apartment Owners Association opposes the involvement of Parmesh Construction Company Limited (PCCL) of Bhutani Infra group, especially since a suspended director would have influence in selecting the co-developer.
The proposal seeks to balance homebuyer delivery with financial creditor interests. It argues that liquidation would leave homebuyers without homes and give creditors uncertain returns, whereas a supervised resolution mechanism could help deliver homes and preserve creditor recoveries under Article 142 of the Constitution.
In past cases, the Supreme Court had taken a similar route. In the Amrapali matter, NBCC was appointed to complete unfinished housing projects under court monitoring, giving relief to thousands of buyers. The Unitech case also saw a court-led process where a new management team was put in place to oversee completion and protect consumer interests. The Supertech proposal draws on these examples to ensure accountability and timely completion.
The Supreme Court has scheduled further hearings on the matter for 17 September 2025. All stakeholders have been asked to study the suggestions made and give input.
Source: PTI
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