SUPERTECH HOMEBUYERS
Supertech homebuyers move SC as 17 stalled projects remain stuck, Rs 30 crore spent
Homebuyers of Supertech Limited have raised significant concerns regarding the lack of progress on stalled housing projects. The Homebuyers’ Association alleges that funding for the projects has been repeatedly declined, despite available proposals. The Association urges the Supreme Court to appoint a One-Man Committee for project completion. They emphasize the financial burden on homebuyers due to growing expenses without any delivered units.
NBCC sets Rs 9,620 crore plan to revive 16 stalled Supertech projects
NBCC has launched 25 tenders worth Rs 9,620.33 crore to complete 16 stalled housing projects by Supertech. The National Company Law Appellate Tribunal appointed NBCC as the Project Management Consultant for these developments. Progress has been delayed since the appointment, pending necessary legal approvals. Approximately 50,000 housing units are affected, impacting thousands of homebuyers. Construction is slated to begin on January 16, 2027, after addressing outstanding issues.
Supertech projects: Homebuyers raise concerns over delay despite NBCC takeover
Homebuyers of stalled Supertech projects are concerned about construction delays. NBCC took over these projects nearly two years ago, but progress remains minimal. The National Company Law Appellate Tribunal sought a status report on the ongoing construction work. Homebuyers oppose NBCC's application for rule relaxation, fearing quality and timeline impacts. The tribunal also directed the release of unpaid salaries for Supertech employees.
Homebuyers of Supertech projects worried over constant delay to approach Supreme Court
Homebuyers of 16 stalled housing projects by Supertech are planning to approach the Supreme Court again. They are frustrated with the lack of progress since NBCC took over construction nearly two years ago. According to buyers, the delay has severely affected their living situations, as many flats remain undelivered. NBCC has proposed a timeline for construction to begin by January 2027, citing various regulatory challenges.
Delhi HC refuses to quash criminal case against Supertech executives
The existence of a criminal conspiracy is ordinarily a matter which is required to be inferred from the conduct of the parties and the circumstances brought on record, the HC said. Direct evidence of an agreement is seldom available, it said, adding that whether the material ultimately establishes a meeting of minds between the accused persons is a matter to be examined upon appreciation of the evidence and cannot ordinarily be conclusively determined in proceedings in the high court.
NCLAT seeks status report on delayed Supertech housing projects by NBCC
The NCLAT has ordered the Supertech committee to file a status report within two weeks. This report will detail construction commencement and work awarding for sixteen NBCC-managed projects. Homebuyers had complained about significant delays beyond previously established timelines. The tribunal also directed the committee to address unpaid employee salaries for three months. The next hearing for this matter is scheduled for September 14, 2026.
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NBCC moves Supreme Court over RERA rules for 16 Supertech projects
The Supreme Court will hear NBCC's plea regarding RERA compliance for Supertech projects. NBCC seeks exemption from statutory provisions for completing stalled housing projects. The National Company Law Appellate Tribunal previously refused to grant such waivers. The top court had previously directed NBCC to expedite the completion of these projects. Hearings are scheduled for September 24 to address these critical issues.
Supertech twin towers: SC defers hearing on plea seeking refund for homebuyers
The Supreme Court has deferred a plea for Supertech twin-towers homebuyers' refunds. A submission on the efforts to satisfy homebuyers not opting for alternative allotments are being considered by the bench. The court granted a three-month extension to explore further options for these claims. Homebuyers are reportedly not receiving refunds, with the last payment made in 2024. The twin-towers in Noida were demolished on August 28, 2022.
Supreme Court seeks timeline for CBI probe into NCR housing projects
The Supreme Court has issued a decisive order for the CBI to outline a clear timeline for its investigation into numerous real estate developments in the NCR. The court strongly stated that lingering delays would only intensify the suffering of homebuyers.
Big win for thousands of Supertech homebuyers as SC upholds NCLAT order
The Supreme Court has upheld an NCLAT order directing NBCC to expedite the completion of 16 Supertech housing projects, bringing relief to thousands of homebuyers. The court prioritized homebuyers' interests, stating their homes must be delivered with all facilities before addressing creditors' dues. This decision aims to ensure complete justice for distressed buyers.
SC ropes in ex-IB chief Rajiv Jain to examine Supertech insolvency case amid fund diversion allegations
The Supreme Court is seeking assistance from Rajiv Jain to investigate Supertech Realtors' insolvency, following allegations of fund siphoning by director Ram Kishore Arora across 21 projects. The court refused to halt insolvency proceedings, noting widespread investigations into Supertech's projects. Arora is contesting the insolvency, citing a settlement offer, while the Bank of Maharashtra denies any agreement.
Supertech homebuyers seek CJI, PM intervention to let NBCC complete projects
Homebuyers of 16 stalled Supertech projects have appealed to the Chief Justice of India and Prime Minister Modi, urging them to assign the projects to NBCC instead of Apex Group. They seek the removal of a stay on an NCLAT order that favored NBCC, citing concerns about Apex Group's proposal and financial viability.
SC orders CBI probe after report claims fraud on homebuyers via 'builders-banks nexus'
The Supreme Court, observing a nexus between banks and developers like Supertech, has directed the CBI to investigate builders in NCR and other regions. The investigation stems from complaints by over 1,200 homebuyers alleging they are forced to pay EMIs on uncompleted flats under subvention schemes. The court will monitor the investigation monthly, focusing on the builder-bank relationship.
Apex submits plan to revive 16 projects of Supertech
Apex Group has proposed to the Supreme Court to revive 16 stalled Supertech projects, potentially rescuing over 14,000 homebuyers. They commit to clearing significant dues and investing ₹500 crore initially, aiming for project completion within two years. While authorities and banks show tentative support, some homebuyers express concerns, preferring NBCC's proven track record.
NCLAT allows homebuyers to manage incomplete residential societies once AoA is registered
The NCLAT has ruled that homebuyers have the right to take control of their residential societies even if construction is incomplete. The tribunal emphasized that developers cannot refuse the handover of maintenance duties to registered Apartment Owners Associations. This decision was made in response to a plea from Supernova project homebuyers, ordering Supertech to transfer control within seven days.
Supertech homebuyers staring at uncertain future
More than 25,000 homebuyers face delays as the Supreme Court stays an order appointing state-owned NBCC to complete stalled Supertech projects. Homebuyers are distressed, paying EMIs and rent without receiving homes. The court invites third-party proposals to complete the projects, questioning if NBCC's appointment adhered to the Insolvency and Bankruptcy Code.
Supertech Township Projects lender rejects settlement proposal, NCLAT to decide on insolvency
Punjab & Sind Bank has rejected the settlement proposal from debt-ridden Supertech Township Projects. NCLAT will decide the insolvency case, with proceedings set for January 23. The insolvency process began following a default of Rs 216.92 crore, and homebuyers remain divided on the issue.
NCLAT grants Supertech Township projects two weeks to submit settlement proposal
The Insolvency Appellate Tribunal NCLAT has given Supertech Township Projects two more weeks to circulate a settlement proposal to its lenders and home buyers. The proposal aims to resolve the insolvency proceedings and will be published on the company's website for transparency. A hearing will follow to decide on its acceptance.
NCLT directs IRP to respond to 26,000 homebuyers of Supertech
The National Company Law Tribunal has directed the interim resolution professional to respond to applications filed by representatives of over 26,000 homebuyers of Supertech Ltd. The court has sought suggestions and objections from various stakeholders within two weeks, and the IRP must compile and upload them on Supertech's website.
ED searches realty major DLF in money laundering case against Supertech
The money laundering case, filed under the criminal sections of the Prevention of Money Laundering Act (PMLA), stems from as many as 26 FIRs registered by the police departments of Delhi, Haryana and Uttar Pradesh against Supertech Limited and its group companies on allegations of cheating 670 homebuyers for an amount of Rs 164 crore.
Supertech to raise over Rs 1,200 cr for the completion of stuck projects
Realty developer Supertech will raise Rs 12,00-1,600 crore from OakTree financial to complete the stuck projects, Mohit Arora, Managing Director of the company told ET. Arora said that the Supreme Court has decided to not interfere in NCLAT order of June 2022, which allowed Supertech’s promoters to raise funds on priority funding basis and complete the projects.
Delhi High Court rejects Supertech homebuyers' plea to halt EMIs
Justice Purushaindra Kumar Kaurav refused to entertain the more than 200 petitions filed by homebuyers, including the Supertech Urban Home Buyers' Association Foundation, saying in view of the availability of alternative remedies available to homebuyers, their writ petitions are dismissed.
The Supertech Conundrum: twin towers coming down will not ensure flats for 25,000 waiting
Indiabulls Housing Finance declared Supertech’s account as NPA back in 2018. In October 2021, Dinanath Dubhashi, the managing director and chief executive officer of L&T Finance Holdings mentioned that the company had started doing interest reversal on the account of Supertech Limited and has classified the account as NPA.
Supertech in talks to raise Rs 300 crore, resumes construction on delayed projects
NCLAT had earlier directed that the CoC be limited to just one project and that the other projects be constructed under the supervision of the insolvency resolution professional (IRP). According to management, company has tied up with investors to accelerate construction and is now focusing on meeting the target of delivery.
NCLAT stays formation of committee of creditors to overtake Supertech group
On the appeal filed by R K Arora, chairman of Supertech Group, NCLAT has issued notice to parties. The IRP appointed by the NCLT will not form COC during stay period. The proceedings against realty developer Supertech was initiated for default on payment of Rs 431 crore to a consortium of banks.
Real estate developer Supertech declared insolvent by NCLT
The company which was under stress and was in the process of demolishing two illegal towers at its Noida project following the order of the Supreme Court, has multiple under construction projects in NCR.
SC verdict on Supertech's plea against HC's demolition order of twin 40-storey towers on Aug 31
On August 4, the top court had reserved its verdict on the batch of pleas while reprimanding NOIDA authority saying it is reeking with corruption and had connived with the builder over not providing the sanctioned plan to the homebuyers of Supertech's Emerald Court project.
Supertech hasn't 'handed over' 200 flats, no OC obtained: Homebuyers
Confronted with the homebuyers' rejoinder, a Supertech spokesperson said on Tuesday that keys were handed over to 20 buyers. It alleged that Supertech has also backed out from its commitment to make pre-EMI payments to subvention buyers.
Towers will be demolished if built without proper sanction: SC
During the hearing, the court said if the homebuyers, who have invested and want to come out of the project, they can come out of the same.
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