Crisis-Hit Supertech Gives Possession Of 6,000 Flats But 15,000 Buyers Still Stuck

Crisis-hit realty firm Supertech Ltd, which is facing insolvency proceedings, has given possession of 6,121 apartments to its customers over the last three years across various housing projects, according to RK Arora, a former director of the debt-ridden firm.

These units have been delivered across 16 under-construction projects by the company's ex-management, under the supervision of a resolution professional appointed by the National Company Law Tribunal (NCLT).

The NCLT, in its order dated March 25, 2022, had admitted Supertech Ltd to the Corporate Insolvency Resolution Process (CIRP).

The promoter filed an appeal before the National Company Law Appellate Tribunal (NCLAT).

The appellate tribunal, in the June 2022 order, directed the formation of a committee of creditors (CoC) only in respect of one project, 'Eco Village-II'. And all other projects would be completed by the previous management under the supervision of the interim resolution professional (IRP).

In a statement on Monday, Mr Arora, the former chairman of the suspended board of Supertech Ltd, said the company has "delivered 6121 Flats in its 16 under-construction projects during Reverse Insolvency from June 10, 2022".

There are still around 15,000 flats undelivered in these 16 projects across Noida, Greater Noida and Meerut.

The company is targeting to deliver 1,000 more flats in the next 3 months, he added.

Further, Mr Arora said the company and Apex Heights Pvt Ltd have jointly submitted a resolution plan before the Supreme Court for approval to undertake all 16 under-construction projects as co-developers of the project.

As per the plan, Apex Heights will infuse Rs 500 crore over a period of 12 months to complete the construction activities, handing over of the units to the allottees, repayments to the lenders and land authorities, Mr Arora said.

The projects are likely to be completed in two years if the Supreme Court allows the joint resolution plan, he added.

Last month, the NCLAT cleared the way for insolvency proceedings against the Supertech Group firm, Supertech Realtors, which is developing the 'Supernova project' in Noida, comprising residential apartments, offices, retail space, and a luxury hotel. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)