Supertech Realtors Faces Bankruptcy: What's Next for Supernova Buyers?
The National Company Law Tribunal (NCLT) has initiated bankruptcy proceedings against Supertech Realtors, the developer of the Supernova project in Noida.
BankruptcySupertech RealtorsSupernovaNcltReal EstateReal Estate NewsJun 18, 2024
The NCLT's decision came after the Bank of Maharashtra and other lenders filed an insolvency plea against Supertech Realtors, alleging that the company had failed to repay loan obligations of over ₹168 crore. The tribunal has suspended the board of Supertech Realtors and appointed Anju Agarwal as the interim resolution professional (IRP).
The Supernova project, which is being developed at a cost of ₹2,326 crore, is spread over 70,002 square meters of land in Sector 94, Noida. The project's fate now hangs in the balance, leaving buyers worried about their investments.
information
Supertech Realtors is a leading real estate developer in India, known for its upscale residential and commercial projects. The company has a significant presence in the National Capital Region (NCR) and has developed several iconic projects in the region.
Supertech Realtors is a subsidiary of Supertech Developers, a reputed real estate company in India. The company has a strong track record of developing innovative and luxurious projects that cater to the needs of modern homeowners.
Frequently Asked Questions
What is the current status of Supertech Realtors?
The National Company Law Tribunal (NCLT) has ordered bankruptcy proceedings against Supertech Realtors.
What is the reason behind the insolvency plea filed against Supertech Realtors?
The Bank of Maharashtra and other lenders have alleged that Supertech Realtors failed to repay loan obligations of over ₹168 crore.
What is the impact of NCLT's decision on Supernova buyers?
The fate of the Supernova project now hangs in the balance, leaving buyers worried about their investments.
Who is the interim resolution professional (IRP) appointed by the NCLT?
Anju Agarwal has been appointed as the interim resolution professional (IRP) by the NCLT.
What is the total cost of the Supernova project?
The Supernova project is being developed at a cost of ₹2,326 crore.
Related News Articles
Indian Metros on the Rise: Mumbai and Delhi Witness Double-Digit Growth in Prime Property Prices
Mumbai and Delhi have seen a significant surge in global housing price rankings, with prime residential property prices rising by 11.5% and 10.5% respectively, according to a report by Knight Frank.
Monsoon Mayhem: Delhi Airport Roof Collapse, Mumbai Rails Under Fire, and More
Delhi's Indira Gandhi International Airport Terminal-1 roof collapses, killing one and injuring eight, while Mumbai's suburban railways face criticism for carrying people like cattle. Meanwhile, Punjab accuses the Centre of withholding funds for health an
Unlocking Opportunities in Tampa Bay's Thriving Commercial Real Estate Market
Discover why Tampa Bay is a hotspot for commercial real estate investing, with its diverse economy, favorable climate, and growing population. From emerging trends to top investment hotspots, explore the opportunities in this dynamic region.
VTP Realty's WOW Projects Event Sets New Standards in Hinjewadi Phase 1
VTP Realty's recent event for its two new WOW projects in Hinjewadi Phase 1 has redefined property launches in Pune, attracting over 1,000 homebuyers and setting new benchmarks in the real estate sector.
Record AED40 Billion Real Estate Transactions in Sharjah in 2024
Sharjah's real estate market has witnessed remarkable growth in 2024, with transaction volumes reaching a historic high of AED 40 billion.
Understanding Property Tax: What It Is and How It's Calculated
Property tax is a yearly or semi-annual tax imposed on real estate owners by local authorities. It is a significant source of revenue for local governments, which use it to fund public services like schools, police, and fire departments.