Supreme Court Restrains Supertech Realtors from Creating Third Party Rights in 'Supernova' Project
The Supreme Court has ordered Supertech Realtors and its suspended director to refrain from creating any third party rights in the 'Supernova' project in Noida. The project, a mixed-use real estate venture, is currently under scrutiny due to insolvency proceedings against Supertech Ltd.
Supertech RealtorsSupernova ProjectSupreme CourtInsolvency ProceedingsNoidaReal EstateSep 18, 2025
Supertech Realtors is a wholly owned subsidiary of Supertech Ltd, a real estate major currently facing insolvency proceedings. The 'Supernova' project is a mixed-use real estate development in Sector 94 of Noida, comprising residential, commercial, office space, studio apartments, service apartments, and shopping centers. The building is expected to have 80 floors and stand 300 meters tall, making it the tallest structure in the Delhi-NCR region.
A bench of Justices Surya Kant, Ujjal Bhuyan, and N Kotiswar Singh also impleaded the Noida Authority as a party in the matter. The bench directed that the suspended director, Ram Kishore Arora, and his associates are restrained from alienating or creating third party rights in the project. The court also ordered Supertech Realtors to cooperate with the interim resolution professional (IRP) appointed by the National Company Law Tribunal (NCLT).
Advocate Rajiv Jain pointed out that Supertech Realtors has not been cooperating with the IRP, leading the bench to direct the company to provide full assistance and records as required. The bench further instructed that the soft copy of the entire record be provided to the IRP and the amicus curiae.
Senior advocate K Parmeshwar, appearing for the Supernova Apartment Owners Association (SNAOA), argued that the Noida Authority should be made a party due to its role in the registry of properties and flats of homebuyers. The bench accepted this argument and allowed the interlocutory application of SNAOA.
Another group of homebuyers, represented by senior advocate Gaurav Bhatia, submitted that the Supernova project is 70% complete and should not be compared to other real estate projects where a court-monitored resolution process was adopted. Justice Surya Kant suggested forming a committee to bring in a co-developer to infuse funds into the project, emphasizing the need for a transparent and fair process.
The top court allowed other interlocutory applications and listed the matter for further hearing on October 8. The court also permitted Arora and Supertech Realtors to file their response to the report submitted by the amicus curiae.
In his report, Jain recommended a court-monitored hybrid resolution mechanism similar to those used in the Amrapali and Unitech Groups cases, headed by former apex court judge Navin Sinha. The report highlighted the need for a forensic audit of Supertech Realtors and its parent company, Supertech Ltd, by a reputable and experienced entity. Jain also suggested the appointment of a new board of directors and a Project Management Consultant, such as NBCC, for the completion of the project.
The 721-page report of the amicus noted that the opinions of homebuyers were divided over the model of resolution process to be adopted. The report emphasized the need to balance the rights of financial creditors with the overriding need to deliver homes to buyers, achieving 'complete justice' as repeatedly sought by the court in similar cases.
Arora has challenged the August 13 order of the National Company Law Appellate Tribunal (NCLAT), which cleared the way for insolvency proceedings against Supertech Realtors. The NCLAT upheld the previous order by the Delhi bench of the NCLT, which initiated the Corporate Insolvency Resolution Process over a petition filed by Bank of Maharashtra, claiming default.
Frequently Asked Questions
What is the 'Supernova' project?
The 'Supernova' project is a mixed-use real estate development in Sector 94 of Noida, comprising residential, commercial, office space, studio apartments, service apartments, and shopping centers. It is expected to be the tallest building in the Delhi-NCR region with 80 floors and a height of 300 meters.
Why did the Supreme Court restrain Supertech Realtors?
The Supreme Court restrained Supertech Realtors and its suspended director from creating any third party rights in the 'Supernova' project due to ongoing insolvency proceedings against Supertech Ltd. The court also ordered the company to cooperate with the interim resolution professional (IRP).
What is the role of the Noida Authority in this case?
The Noida Authority was impleaded as a party in the matter due to its role in the registry of properties and flats of homebuyers. The court recognized the importance of involving the Noida Authority to ensure proper oversight of the project.
What is the proposed resolution mechanism for the 'Supernova' project?
The amicus curiae has recommended a court-monitored hybrid resolution mechanism, similar to those used in the Amrapali and Unitech Groups cases, headed by former apex court judge Navin Sinha. This mechanism includes a forensic audit, appointment of a new board of directors, and a Project Management Consultant.
What is the current status of the 'Supernova' project?
The 'Supernova' project is 70% complete. The court is considering a resolution mechanism to ensure the project is completed and homes are delivered to buyers, balancing the rights of financial creditors and homebuyers.
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