NEW DELHI: The Insolvency and Bankruptcy Board of India (IBBI) has suspended an insolvency professional’s registration for two years due to serious lapses in managing the insolvency proceedings of Supertech Ltd and Nobility Estates.
In an order dated March 30, the IBBI’s disciplinary committee found that Hitesh Goel neglected his responsibilities as defined under the Insolvency and Bankruptcy Code (IBC) and relevant regulations while handling the corporate insolvency resolution process for both companies.
Supertech Ltd was initiated into insolvency in March 2022, with Goel first acting as the interim resolution professional (IRP) and later confirmed as the resolution professional. The National Company Law Appellate Tribunal (NCLAT) specified that proceedings should focus solely on the Eco Village 2 project, while oversight continued for other related projects.
The IBBI noted that Goel failed to include crucial information in the Information Memorandum (IM) for Eco Village 2 (EV-2), which comprised details about pending or completed towers, unsold inventory, occupancy statistics, and certificates.
Moreover, Goel did not submit the IM along with the CIRP Form-3, nor did he convene the first Committee of Creditors (CoC) meeting within the required timeframe. Delays were also recorded in submitting avoidance applications and sharing minutes of meetings with stakeholders concerning non-EV-2 projects.
In the case of Nobility Estates, further delays were noted in holding the first CoC meeting on time, in appointing registered valuers, in publishing Form-G, and in providing the information memorandum as mandated.
Consequently, the disciplinary committee has exercised its authority under Section 220 of the Code, in conjunction with Regulation 13 of the IBBI (Inspection and Investigation) Regulations, 2017, to suspend Hitesh Goel’s registration for two years, as stated by IBBI members Bhushan Kumar Sinha and Jayanti Prasad.
In a significant move for many distressed homebuyers awaiting their homes for nearly two decades, the Supreme Court upheld an NCLAT order in February directing state-owned NBCC to expedite the completion of 16 housing projects tied to the financially troubled Supertech Ltd. The court further prevented any tribunal or high court orders that could disrupt construction work by the National Buildings Construction Corporation (NBCC) Ltd.
