Bankruptcy-bound Supertech gives possession of 6k flats in last 3 yrs; 15k buyers still stuck
According to the former director of the debtor transactions, RK ARORA, SUPERCH LTD, which faced bankruptcy transactions, has 6,121 apartments in various housing projects in the last three years.
These units have been delivered in the projects under construction by the former management of the company under the supervision of a decision professional appointed by the National Company Law Court (NCLT).
NCLT accepted Supertech Ltd to the corporate bankruptcy decision -making process (CIRP), dated March 25, 2022. The Organizer applied for appeals in front of the National Company Law Court (NCLAT).
The Court of Appeal directed the establishment of a Credit Committee (COC) regarding the June 2022 order, only one project ‘ECO Village-II’. And all other projects will be completed by the previous administration under the supervision of the temporary solution professional (IRP).
ARORA, the former president of the suspended board of Supertech Ltd, said that the company had delivered 6121 apartments in the under construction project during the contradictory bankruptcy since June 10, 2022. ”
In these 16 projects in Noida, Greater Noida and Meerut, 15,000 apartments are still delivered.
He added that the company aims to deliver another 1,000 apartments in the next 3 months.
In addition, ARORA, the company and Apex Heights PVT Ltd, as the joint developers of the project to assume all 16 construction projects to assume a decision plan in front of the Supreme Court, he said.
According to the plan, Apex Heights will be overcome LaARORA is 500 Crore for a 12 -month period to complete construction activities, to deliver units to allocation, and to make repayments to lenders and land officials.
The authority added that if the Supreme Court permits a joint decision plan, the projects will be completed within two years.
Last month, NClat, housing apartments, offices, retail area and a luxury hotel, consisting of Noida ‘Supernova Project’ developing the Supertech group company Supertech real estate agents cleared the way of bankruptcy.
