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.
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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.
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