Supertech to challenge NCLT order in National Company Law Appellate Tribunal

New Delhi: Real estate developer Supertech Ltd on Friday was declared bankrupt by the National Company Law Tribunal (NCLT), a move that could have a bearing on more than 10,000 home buyers of the firm's ongoing projects in Delhi and NCR region.

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.

Meanwhile, Supertech, in a statement, said that it will challenge the NCLT order in the National Company Law Appellate Tribunal (NCLAT).

"In the matter of appointment of IRP in one of the Supertech Group Companies, by the National Company Law Tribunal (NCLT), management of the Company stated that the Company will be approaching NCLAT in an appeal against the order as the matter belongs to a financial creditor," said Supertech.

Further, the company said that in the interest of homebuyers, a preference was given to construction and the delivery of projects over repayment of Bank dues which can be fulfilled after project completion.

"As all the projects of the company are financially viable, there is no chance of loss to any party or financial creditor. The order will not affect operations of any other Supertech Group Company," the statement read.

The company has claimed that it has a "strong record of delivering more than 40,000 Flats during the last 7 years", and they shall continue to deliver to their buyers under `Mission Completion - 2022` Supertech undertook with a target of delivering 7,000 units by December 2022.

With inputs from agencies.