Home buyers in for tough times as NCLT declares Supertech bankrupt
The NCLT move against Supertech has come in response to a petition filed by Union Bank of India following non-payment of dues.
Homebuyers who had invested in residential projects from real estate developer Supertech are in super trouble. For, the realty major who had been behind many a real estate project in the country, has now been declared by the National Company Law Tribunal (NCLT).
The company being declared bankrupt is expected to push as many as 25000 home buyers who have already put in money in Supertech’s residential projects. The NCLT move is said to have come in response to a petition filed by lender Union Bank of India following non-payment of dues.
Supertech to appeal against NCLT move
With the NCLT authorised to get insolvency resolution processes of companies rolling as per the Insolvency and Bankruptcy Code (IBC), the realty major will have to look at the only option before it now to get out of the mess. As it is aware that an NCLT decision can be appealed at the NCLAT, the real estate developer is going ahead with an appeal against the move at the National Company Law Appellate Tribunal (NCLAT).
Supertech has been quoted by a report saying that its projects, all of them, are financially viable and so there needs to be no fear of loss to the financial creditor any investor who have put in their hard earned money. The company has stressed that the National Company Law Tribunal order will not in any way affect operations of any other Supertech group company.
Further, the real estate firm has also added that the construction of any of its ongoing projects would not be affected by the National Company Law Tribunal order. It has reiterated that delivery of housing units will be done to allottees, and that there needs to be no fear on the matter.
40K flats delivered in 7 years: Supertech
The company has also said that it has a record of delivering more than 40,000 flats over the past seven-year period, and that delivery of flats to its buyers would be ensured under its ‘Mission Completion – 2022’ plan. The company, as per the mission, has undertaken a target of delivering 7,000 units by December, 2022, the report added.
As everyone is aware, Supertech had been going through tough times of late, with the Supreme Court ordering the demolition of the Supertech twin towers in Noida on May 22 this year. The order had come about as the twin towers of 100 metres and 97 metres height respectively had violated building guidelines.
The latest development could impact home buyers a lot. However, it remains to be seen how the company would manage the rush of customer complaints that are to come soon.
