NEW DELHI: Supertech Ltd, a real estate firm facing insolvency issues, has handed over 6,121 apartments to its customers in the past three years across various housing projects, as stated by RK Arora, a former director of the distressed company.
This delivery includes units across 16 ongoing projects managed by the previous leadership, under the oversight of a resolution professional appointed by the National Company Law Tribunal (NCLT).
On March 25, 2022, the NCLT initiated the Corporate Insolvency Resolution Process (CIRP) for Supertech Ltd.
The promoters subsequently appealed to the National Company Law Appellate Tribunal (NCLAT). In a ruling from June 2022, the appellate tribunal permitted the formation of a committee of creditors (CoC) solely for one development, ‘Eco Village-II’, while allowing previous management to finish other projects under the supervision of an interim resolution professional (IRP).
On Monday, Arora, the former chairman of the suspended board, announced that the company delivered 6,121 flats in 16 ongoing projects during the Reverse Insolvency process initiated on June 10, 2022.
Approximately 15,000 flats remain undelivered across these projects located in Noida, Greater Noida, and Meerut, with the company aiming to deliver an additional 1,000 flats in the next three months.
Moreover, Arora mentioned that Supertech Ltd and Apex Heights Pvt Ltd have submitted a joint resolution plan to the Supreme Court to co-develop all 16 ongoing projects.
The resolution plan includes an investment of Rs 500 crore from Apex Heights over a span of 12 months, focusing on completing construction, delivering units to buyers, and repaying lenders and land authorities. If approved by the Supreme Court, the projects could be completed within two years.
Last month, the NCLAT permitted insolvency proceedings against Supertech Realtors, the company overseeing the ‘Supernova project’ in Noida, which will feature residential apartments, offices, retail spaces, and a luxury hotel.
