Real estate developer Supertech on Friday was declared bankrupt by the National Company Law Tribunal (NCLT), a move that could have a bearing on 25,000 home buyers of the firm's ongoing projects in the Delhi and NCR region. Acting on a petition filed by the Union Bank of India for non-payment of around Rs 432 crore worth dues, the bankruptcy court ordered the initiation of insolvency proceedings against real estate firm Supertech Ltd, one of the companies of Supertech group. The NCLT said "there has been a default in payment of the financial debt" and appointed Hitesh Goyal as the Interim Resolution Professional (IRP) superseding the board of Supertech Ltd.
Supertech Managing Director Mohit Arora said the company will file a review petition in the SC.
In the wake of the Supreme Court order on razing of the illegal twin towers of Supertech, NOIDA CEO Ritu Maheshwari on Monday said the demolition process will begin on site within two weeks. She said NOIDA (also called the Noida Authority) has already convened a meeting on Wednesday at 12 noon in compliance with the apex court directives. The SC on Monday directed it to commence "within two weeks" the demolition of the realty major's twin 40-storey towers of its Emerald Court project in Sector 93A of the city.
It was the relentless pursuit of justice over a decade by a group of senior citizens that resulted in the Supreme Court's order for demolition of the illegal 40-storey twin towers of a real estate group in Noida.
The high court had ordered demolition of Supertech's two under-construction towers in the real estate firm's Emerald Court project.
The Supertech twin towers in Noida were demolished on Sunday, a year after the Supreme Court's direction to raze the illegally built structures to the ground. The nearly 100-metre-high structures - taller than Delhi's iconic Qutub Minar (73 metres) - were brought to the ground in seconds literally like a house of cards by the 'waterfall implosion' technique, in a breathtaking spectacle of modern day engineering. They were the tallest structures to be demolished in India.
The Supreme Court Friday assured the home buyers of the to-be-razed 40-storey twin-towers of real estate firm Supertech in Noida that they will be refunded the full amount deposited with the builder. The apex court also asked the Interim Resolution Professional (IRP) of the firm, facing insolvency proceedings, to deposit Rs one crore with the apex court registry. The Supertech's 40-storey twin towers at Emerald Court Project of Sector 93A of Noida are scheduled to be razed on August 28.
Corporate legal cases kept India Inc on its toes in 2014 as high stake matters on coal, telecom and mining came up in the Supreme Court, which also sent Sahara Group chief Subrata Roy to jail.
Home and kitchen appliances, electronic products, apparel and B-segment cars stand to gain.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances