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The Supreme Court on Thursday mulled setting up a committee to oversee the bidding process and appointment of a co-developer for the construction of stalled residential apartments, offices, retail space besides a luxury hotel by Supertech Realtors. Supertech Realtors is a subsidiary of beleaguered realty major Supertech, which is facing insolvency proceedings along with some other group companies. Supertech Realtors is developing the Supernova project at a cost of Rs 2,326.14 crore on a land measuring 70,002 square metre at Sector 94 in Noida. The building under the project is believed to comprise 80 floors, being the tallest building in Delhi-NCR with a 300-metre height. A bench of Justices Surya Kant and Joymalya Bagchi underscored the need to safeguard the interest of homebuyers and refused to grant approval to the settlement between Supertech Realtors and Parmesh Construction Company for the project's development. "We need to move forward. We can appoint a committee which will
The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea filed by debt-ridden realty firm Supertech former promoter Ram Kishor Arora against personal insolvency proceedings initiated against him. He had challenged an order by the Delhi bench of the National Company Law Tribunal, which, in February 2025, directed to initiate personal insolvency proceedings against Arora on the plea filed by IFCI and appointed an IRP. A two-member bench of the appellate insolvency tribunal NCLAT said personal insolvency proceedings could not be defended based on another insolvency proceeding going against Supertech under section 7 of the IBC. It is on the lenders to proceed against both simultaneously or separately. Section 95 (1) of the Insolvency & Bankruptcy Code allows the creditors to file insolvency proceedings against the personal guarantors. Arora's counsel submitted the insolvency proceedings initiated against Supertech Ltd under Section 7 is currently sub-judice before ...
Punjab & Sind Bank, the lead lender of Supertech Township Projects, has rejected the settlement proposal and NCLAT will now take a final decision on the insolvency of the debt-ridden realty firm. Counsel representing Ram Kishore Arora, the suspended director of the realty firm informed NCLAT on Thursday about the rejection of the settlement proposal. "Counsel for the appellant (Arora) submits that they have received the communication from Punjab & Sind Bank that the proposal submitted by the appellant is not acceptable," noted an NCLAT order recording the submissions. A three-member bench of the National Company Law Appellate Tribunal (NCLAT) said it will have to take a "final decision" in the matter as the appeal has been pending for the last several months. "As a last opportunity, one-week time is allowed to the appellant," said NCLAT directing to list the matter on January 23 for the next hearing. Supertech Township Projects is developing a Group Housing Project - Golf ...
State-owned NBCC has been appointed as a project management consultant to complete Supertech Ltd's 16 real estate projects at a cost of nearly Rs 9,500 crore, a move that will provide relief to thousands of homebuyers. In a regulatory filing on Thursday, the company informed that the National Company Law Appellate Tribunal (NCLAT), vide its order dated December 12, 2024, has "appointed NBCC (India) Limited as Project Management Consultant for the completion of 16 projects of Supertech Ltd". NBCC will complete 16 projects, comprising 49,748 houses in Uttar Pradesh, Uttarakhand, Haryana and Karnakata. "The tentative construction cost of the project is approx Rs 9,445 crore, including 3 per cent contingency. The consultancy fee has been fixed as 8 per cent, including 1 per cent marketing fee," NBCC said. The public sector company is mainly into project management consultancy (PMC) and real estate business. NBCC is already completing stalled projects of Amrapali Group on the order of
The Insolvency appellate tribunal NCLAT has granted two weeks more time to debt-ridden realty firm Supertech Township Projects suspended director Ram Kishore Arora to circulate the settlement proposal to both its lenders and home buyers. The National Company Law Appellate Tribunal (NCLAT) also suggested the realty firm facing insolvency proceedings to publish the settlement proposal on its website so that it can be accessed by all concerned stakeholders. "In view of the fact that Appellant is circulating a proposal for resolution of the project to the bank as well as to the homebuyers, we grant two weeks opportunity to the Appellant to complete the proposal and circulate it to the bank as well as to all the homebuyers," said a three-member NCLAT bench. The bench further said, "On the next date, we will consider whether the proposal submitted deserves to be accepted or not after hearing counsel for the lenders as well as the homebuyers who have filed applications in the appeal. Any .
The state-owned NBCC on Tuesday moved the Supreme Court seeking to develop and complete embattled realty major Supertech Limited's 17 stalled or partially built projects where around 27,000 hassled home buyers are stuck for years. These 17 projects were launched in the National Capital Region, Dehradun and Bengaluru but completion of the residential units was hit due to financial crisis faced by the realty major which led to insolvency proceedings since 2021. A bench of Justices Sanjiv Khanna and Sanjay Kumar was told by advocate ML Lahoty, appearing for the hassled home buyers, that the National Buildings Construction Corporation Ltd (NBCC) has come forward with a proposal to complete these stalled projects having around 51,000 residential units. Senior advocate Gopal Jain, appearing for NBCC, said the public sector undertaking has filed an intervention application in a matter related to insolvency proceedings of Supertech Ltd to develop the stalled project on the lines of Amrapali
The National Company Law Tribunal has directed to initiate insolvency proceedings against Supertech Township Projects on a plea filed by Punjab & Sind Bank over a default of Rs 216.92 crore. This is the third group firm of Ram Kishor Arora-led realty major Supertech to go through the Corporate Insolvency Resolution Process (CIRP). Earlier in June this year, the National Company Law Tribunal (NCLT) directed to initiate CIRP against Supertech Realtors, which is developing residential apartments, offices, retail and luxury hotels at its "Supernova" projects. In March 2022, CIRP was initiated against Supertech Ltd. On July 12, a Delhi-based NCLT bench admitted the plea against Supertech Township Projects filed by Punjab & Sind Bank and appointed Umesh Singhal as the Insolvency Resolution Professional. Supertech Township Projects is developing a Group Housing Project - Golf Country at Yamuna Expressway, Greater Noida, Uttar Pradesh. The cost of the project was estimated at around ..
The National Company Law Tribunal (NCLT) has ordered initiating an insolvency proceeding against Supertech Realtors, which is developing a residential apartment, office, retail and luxury hotel at its Supernova project. A two-member Delhi bench of NCLT admitted the insolvency plea filed by the Bank of Maharashtra over a default of Rs 168.04 crore and appointed Anju Agarwal as interim resolution professional (IRP), suspending the board of Supertech Realtors, a step-down subsidiary of Supertech. Supertech is also facing a Corporate Insolvency Resolution Process (CIRP). Supertech Realtors is developing Supernova project at a cost of Rs 2,326.14 crore on a land admeasuring 70,002 square metres at Sector 94, Noida. As per the plans, Supernova project will have 80 floors and will be the tallest building in Delhi-NCR at a height of 300 metres. For the project, Supertech Realtors approached a consortium of lenders led by Union Bank of India seeking a financial assistance of Rs 7,35.58 cro
A Delhi court on Thursday granted bail to Supertech chairman and promoter R K Arora in a money laundering case. Additional Sessions Judge Devender Kumar Jangala granted relief to Arora, noting that there was no likelihood of him evading the trial or influencing the investigation. Arora was arrested in June last year. As many as 26 FIRs were registered by the Economic Offences Wing (EOW), Delhi Police, Haryana Police and Uttar Pradesh Police against Supertech Limited and its group companies, and Arora, for criminal conspiracy, cheating and criminal breach for allegedly cheating at least 670 home buyers for an amount of Rs 164 crore. The Enforcement Directorate (ED) filed a cased a case based on the FIRs to probe alleged money laundering by the accused, according to which the amount collected by Supertech Ltd was diverted to their group companies for the purchase of properties and the company with land having much lesser value. The ED alleged that the accused persons have acquired .
The Delhi High Court has dismissed a plea by R K Arora, the chairman and promoter of real estate major Supertech Group, seeking default bail in a money laundering case. The high court rejected Arora's contention that on the date of filing of the prosecution complaint (charge sheet) the investigation was incomplete as the chargesheet was not accompanied by FSL report and the Enforcement Directorate (ED) had issued summons to another person in the case after filing the prosecution complaint. The respondent (ED) has already submitted the requisite documents for obtaining expert opinion from the Forensic Science Laboratory (FSL). Preparation of the FSL report is not in the control of the investigating agency, though it can take steps for expediting the process. It is the categorical stand of the respondent that the investigation against the present petitioner is complete. Mere issuance of summons to another person or seeking leave of the court to file additional evidence, without there
The Delhi High Court Friday sought response of R K Arora, the chairman and promoter of realty major Supertech Group, on a plea by the Enforcement Directorate (ED) challenging an order granting him interim bail on medical grounds in a money laundering case. Justice Manoj Kumar Ohri issued notice to Arora and asked him to file a reply to the petition. The high court noted that Arora, who was granted interim bail by a trial court here on Tuesday, has already been released from jail and listed the matter for further hearing on February 9. While granting interim bail to Arora on medical grounds, the trial court had directed him not to leave the National Capital Territory of Delhi or country without prior permission of the court and ordered him to surrender his passport in the court. It had also said that he will not use the liberty of interim bail for any other purpose except for better medical treatment/surgery, and better nursing and nutritional care. Arora had sought interim bail fo
R K Arora, the chairman and promoter of real estate major Supertech Group, on Wednesday urged a Delhi court to grant him interim bail for three months in a money laundering case, claiming he was suffering from various ailments. Arora told Additional Sessions Judge Devender Kumar Jangala he has lost around 10 kg since his arrest and required "urgent medical assistance". He was arrested on June 27, 2023 under the Prevention of Money Laundering Act (PMLA). The judge adjourned the matter for further hearing on January 12. The money laundering case against the Supertech group, its directors and promoters, stems from a clutch of FIRs registered by police in Delhi, Haryana, and Uttar Pradesh. The ED has been probing 26 FIRs registered by the Economic Offences Wing of Delhi, Haryana and Uttar Pradesh police against Supertech Ltd and its group companies for alleged criminal conspiracy, cheating, and criminal breach of trust and forgery. They have been accused of defrauding at least 670 ho