Only 11,000 home buyers to be affected by insolvency proceedings, claims Supertech
Even as the New Delhi bench of the National Company Law Tribunal (NCLT) gives a go ahead to initiates corporate insolvency resolution process against NCR-based realtor Supertech Ltd, Managing Director Mohit Arora has clarified that the insolvency proceedings have started against 10-11 projects. He also claims that 90% of these projects have been completed.
The NCLT admitted an insolvency petition against Supertech filed by Union Bank of India for non-payment of Rs 432 crore dues.
The MD of the company said that Supertech Ltd has delivered houses to 27,111 of its customers out of the total 38,041 of them. He has claimed only 10,930 customers are yet to get delivery of their flats. The company has total debt of Rs 1,200 crore.
The company has also reiterated that it is financially viable, and there is no chance of loss to any creditor.
“The NCLT order will not impact the construction at all ongoing projects or operation of the company and we are committed to give delivery of units to allottees. We have a strong record of delivering more than 40,000 flats during the last 7 years and we shall continue to give delivery to our buyers under our ‘Mission Completion – 2022’ under which we have undertaken a target of delivering 7,000 units by December, 2022,” the company said in a statement.
Also Read: NCLT paves the way for liquidation of realtor estate developer 3C Homes
Meanwhile, the NCLT has appointed Hitesh Goel as the interim resolution professional (IRP) in the case. The IRP will ask creditors to file their claims within 15 days. Affected home buyers will have to file their claims to be able to be part of the committee of creditors.
Earlier also, Corporation Bank had filed an insolvency petition against Supertech Ltd but was later withdrawn. A couple of operational creditors had also filed insolvency applications against the real estate company, but later withdrew them.
Recently, the NCLT admitted insolvency application against another NCR-based real estate firm Logix City Developers Pvt. The insolvency application against Logix was filed by an operational creditor — Colliers international (India) Property Services Private ltd.
Also read: Insolvency proceedings begin against NCR-based Logix City Developers
