NEW DELHI: Real estate developer Supertech has been declared bankrupt by the National Company Law Tribunal (NCLT) in response to a petition filed by financial creditor Union Bank of India (UBI) for non-payment of dues worth Rs 432 crore.
The decision, according to industry estimates, may impact 25,000 home buyers awaiting possession of their housing units booked with the developer for several years.
Supertech said they will file an appeal with National Company Law Appellate Tribunal (NCLAT) against the decision. Supertech Group Managing Director Mohit Arora said Supertech has 38,041 customers.
Of them, homes have been delivered to 27,111. As many as 10,930 homes are yet to be delivered. Among them, over 70% of construction is complete in over 8,000 homes.
“There are around 11-12 projects against which insolvency proceedings have been initiated,” said Arora.
He claims that around 90% of these are complete. He also pegged the debt of Supertech at around Rs 1,200 crore, including Rs 150 crore as a loan from UBI. To overlook the insolvency process, the Delhi bench of NCLT appointed Hitesh Goel as interim resolution professional (IRP) under the Insolvency and Bankruptcy Code.
This is not the first time that the fate of homebuyers who have invested in Delhi-NCR is thrown in the dark.
In the case of Amrapali and Jaypee Infratech, buyers are yet to be compensated or get possession of homes booked years ago.
Piyush Singh, the partner of PSP Legal, which had filed petitions before Delhi HC and NCLT against Supertech, said the first step for buyers should be to file claims with the IRP before the deadline of 12 days.
“They should file Form CA with all documents attached because the claim form will go till the very end to define what their due amount is and also the compensation they are entitled to,” he said.