Supertech does not have sufficient funds to make refunds to home buyers, SC told
2 years, 8 months ago

Supertech does not have sufficient funds to make refunds to home buyers, SC told

India TV News  

The Supreme Court on Friday was informed that the embattled real estate firm Supertech Ltd. does not have sufficient funds to process refunds to home buyers who had purchased apartments in its 40-storey twin towers located in Noida and due to be demolished soon. In August last year, the top court had ordered demolition of twin towers and ordered refund to the home buyers, who had purchased apartments. The top court was informed that the erstwhile management of the firm has moved the National Company Law Appellate Tribunal against the corporate insolvency resolution process and the matter is listed on May 17. On April 4, the Supreme Court said it will protect the interest of Supertech's 40-storey twin tower home buyers in view of the appointment of IRP in the insolvency proceedings against the real estate firm.

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History of this topic

SC relief to homebuyers at twin towers in Noida
1 year, 3 months ago

SC relief to homebuyers at twin towers in Noida

Hindustan Times  

Removing a major hurdle in the way of refunding ₹1.25 crore to 15 homebuyers of the now demolished Supertech twin towers in Emerald Court, Noida, the Supreme Court on Wednesday directed the Union Bank to release an amount of ₹15 lakh within 10 days to the realty firm, which is currently facing bankruptcy proceedings. The 15 homebuyers were to be …

Supertech, its promoter diverted ₹638crore: ED
1 year, 6 months ago

Supertech, its promoter diverted ₹638crore: ED

Hindustan Times  

At least ₹638 crore collected from homebuyers and borrowed from the banks were diverted by Supertech Group and its chairman Ram Kishor Arora to buy properties in Gurugram at inflated prices instead of completing existing projects in Noida, the Enforcement Directorate said while producing Arora before a Delhi court on Wednesday, where it sought his 14 days custody. ASP, termed …

Good news for Supertech flat owners! Singapore firm may complete unfinished work
1 year, 9 months ago

Good news for Supertech flat owners! Singapore firm may complete unfinished work

Live Mint  

Good news for Supertech home buyers who have been waiting for the completion of their homes for more than a decade. Supertech Limited, Sector 74 - ₹676.64 crore outstanding 2. Red Fort Jehangir Properties, Sector 100 - ₹393.96 crore outstanding 4. Logix City, Sector 143 - ₹555.58 crore outstanding 8. Today Homes Noida, Sector 135 - ₹167.13 crore outstanding 10.

Delhi High Court Junks Supertech Homebuyers’ Pleas For Stopping Banks From Charging EMIs From Them, Says Avail Alternative Remedies
1 year, 9 months ago

Delhi High Court Junks Supertech Homebuyers’ Pleas For Stopping Banks From Charging EMIs From Them, Says Avail Alternative Remedies

Live Law  

The Delhi High Court has dismissed Supertech Urban Home Buyers Association Foundation and other home buyer’s petitions seeking directions for financial institutions to not charge the pre-EMIs or full EMIs from them till delivery of possession of flats by the real estate developer Supertech Limited.Justice Purushaindra Kumar Kaurav said there are various agreements -. The Delhi High Court has dismissed …

Noida Twin Towers Gone: Rs 900-Cr Loss To Supertech; What's Ahead For Residents, Homebuyers
2 years, 4 months ago

Noida Twin Towers Gone: Rs 900-Cr Loss To Supertech; What's Ahead For Residents, Homebuyers

News 18  

Even as the much-talked-about Noida Supertech twin towers have been demolished at 2.30 pm on Sunday, the nearby residents are happy as they will now get an open space in front of their houses for air and light to come in. On the investment so far, the source said Supertech had already spent Rs 300-400 crore on materials including cement, …

Twin towers demolition: Supertech says it lost Rs 500 crore
2 years, 4 months ago

Twin towers demolition: Supertech says it lost Rs 500 crore

Deccan Chronicle  

NEW DELHI: Realty firm Supertech Ltd has incurred a loss of about Rs 500 crore, including construction and interest costs, because of the demolition of its twin towers in Noida, the company's Chairman R K Arora said on Sunday. The nearly 100-metre-tall twin towers -- Apex and Ceyane -- were demolished at 2.30 pm on Sunday as per a Supreme …

Ahead of twin tower demolition, Supertech on SC order: 'No deviation...'
2 years, 4 months ago

Ahead of twin tower demolition, Supertech on SC order: 'No deviation...'

Hindustan Times  

Hours before India sees the demolition of the tallest residential towers so far, real estate giant Supertech on Sunday claimed that there was “no deviation from the building plan”. In a statement before the towers - Apex and Ceyane in the Emerald Society - are razed in Noida, the real estate developer highlighted, “No deviation from the building plan was …

Supreme Court seeks timeline from Supertech to refund homebuyers
2 years, 4 months ago

Supreme Court seeks timeline from Supertech to refund homebuyers

Hindustan Times  

The Supreme Court on Friday directed the Supertech group to prepare by October a timeline for the disbursal of refund of money to the homebuyers of the Emerald Court twin towers which are set to be brought down in a controlled demolition on Sunday. With about 56 homebuyers still waiting for refunds of the 252 who were initially entitled, a …

Supreme Court Directs Supertech's IRP To Deposit Rs 1 Crore With Registry For Homebuyers' Relief
2 years, 4 months ago

Supreme Court Directs Supertech's IRP To Deposit Rs 1 Crore With Registry For Homebuyers' Relief

Live Law  

With a view to ensure that homebuyers get some relief, the Supreme Court on Friday asked the Interim Resolution Professional of Supertech Ltd. to deposit an amount of Rs One Crore with the Supreme Court Registry before September 30, 2022. A Bench of Justices DY Chandrachud, JB Pardiwala and Surya Kant also directed the Amicus curiae Gaurav Agarwal and the …

How home buyers of bankrupt Supertech can submit claims online
2 years, 9 months ago

How home buyers of bankrupt Supertech can submit claims online

India TV News  

Home buyers of Supertech projects in the National Capital Region can now submit their claims to insolvency resolution professional desk now as the realty developer was declared bankrupt by the National Company Law Tribunal recently. On March 25, the NCLT had declared Noida-headquartered realty major Supertech as insolvent while admitting a plea filed by the Union Bank of India over …

Supertech insolvency: What will happen to flats | Top points
2 years, 9 months ago

Supertech insolvency: What will happen to flats | Top points

India Today  

Nearly 11,000 homebuyers of Supertech's ongoing housing projects in the national capital region are trying to ascertain what will happen to their flats now after the real estate developer was declared bankrupt by the National Company Law Tribunal. Acting on a petition filed by the Union Bank of India for non-payment of around Rs 432 crore worth dues, the bankruptcy …

NCLT orders insolvency proceedings against Supertech Ltd over Rs 432 crore default
2 years, 9 months ago

NCLT orders insolvency proceedings against Supertech Ltd over Rs 432 crore default

Firstpost  

This is the second major setback for Noida-based developers in the last year. Acting on a petition filed by the Union Bank of India for non-payment of around Rs 432 crore worth dues, the bankruptcy court ordered the initiation of insolvency proceedings against real estate firm Supertech Ltd, one of the companies of Supertech group. The NCLT said, “there has …

Supertech declared bankrupt | Are your flats safe?
2 years, 9 months ago

Supertech declared bankrupt | Are your flats safe?

India Today  

Supertech has been declared insolvent after the National Company Law Tribunal admitted the Union Bank of India's petition over non-payment of dues. This comes as Supertech was directed to demolish the realty developer's 40-storey twin towers in Emerald Court in Noida. "We have a strong record of delivering more than 40000 Flats during the last 7 years and we shall …

Supertech declared insolvent by company law tribunal
2 years, 9 months ago

Supertech declared insolvent by company law tribunal

India Today  

Property developer Supertech Ltd on Friday went into insolvency after the National Company Law Tribunal admitted a petition filed by the Union Bank of India for non-payment of dues, according to a Moneycontrol report. SUPERTECH STATEMENT "In the interest of homebuyers, preference was given to construction and delivery of projects over repayment of bank dues which can be fulfilled after …

Supertech declared bankrupt after over Rs 432 crore default; over 25,000 homebuyers to be effected
2 years, 9 months ago

Supertech declared bankrupt after over Rs 432 crore default; over 25,000 homebuyers to be effected

India TV News  

Highlights Delhi-NCR-based developer Supertech has been declared insolvent by National Company Law Tribunal. Delhi-NCR-based developer Supertech has been declared insolvent on March 25, several media reports said, fter the Delhi bench of the National Company Law Tribunal admitted a petition filed by the Union Bank of India for non-payment of dues. Acting on a petition filed by the Union Bank …

Supertech Twin Tower Demolition: Supreme Court Directs Refund To Homebuyers By Feb 28
2 years, 11 months ago

Supertech Twin Tower Demolition: Supreme Court Directs Refund To Homebuyers By Feb 28

Live Law  

In the Supertech Emerald Court twin tower demolition matter, the Supreme Court on Friday directed that payment of the amounts of refund as computed by the Amicus Curiae shall be made to the home buyers on or before February 28. Where home loans are outstanding, the developer shall clear the home loans on or before March 31 and furnish NOCs …

Supertech Tells Supreme Court That It Has Forwarded Cheques For Payment To Homebuyers
2 years, 11 months ago

Supertech Tells Supreme Court That It Has Forwarded Cheques For Payment To Homebuyers

Live Law  

The work of demolition shall be carried out by Supertech at its own cost under the supervision of the officials of NOIDA. In order to ensure that the work of demolition is carried out in a safe manner without affecting the existing pleadings, NOIDA shall consult its own experts and experts from Central Building Research Institute Roorkee. The Supreme Court …

Return Money To Homebuyers By Jan 17 Or Face Jail : Supreme Court Warns Supertech Directors
3 years ago

Return Money To Homebuyers By Jan 17 Or Face Jail : Supreme Court Warns Supertech Directors

Live Law  

The Supreme Court on Wednesday pulled up real-estate giant Supertech for failure to reimburse home-buyers of flats in the 40-storey twin towers in Noida, the demolition of which was directed by the Court in August last year. The bench headed by Justices D. Y. Chandrachud was hearing contempt pleas by the home-buyers, alleging that while, on the one hand, Supertech …

SC asks why Amrapali homebuyers not paying remaining money to get flats
3 years, 4 months ago

SC asks why Amrapali homebuyers not paying remaining money to get flats

India Today  

"It is like you have been given lassi, you now want malai on top of that,” commented the Supreme Court bench headed by Justice UU Lalit while hearing pleas filed by Amrapali homebuyers. In the last hearing in August, the apex court had directed around 9,500 homebuyers to get registered and complete due payment to the NBCC within 15 days. …

Supertech Case: UP CM Adityanath Cracks Whip on Erring Officials
3 years, 4 months ago

Supertech Case: UP CM Adityanath Cracks Whip on Erring Officials

News 18  

The Uttar Pradesh Chief Minister Yogi Adityanath has directed a thorough investigation into the role of officers and employees of various departments including the Noida Development Authority in the wake of the woes of the thousands of flat owners of Supertech Emerald Court housing projects in Gautam Budh Nagar. The CM, at a high-level meeting on Wednesday, said that the …

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