**Supertech Ltd Delivers Over 6,000 Apartments Amid Insolvency Crisis**
In a significant development for the beleaguered real estate firm Supertech Ltd, the company has successfully handed over 6,121 apartments to customers over the past three years, despite facing insolvency proceedings. This achievement was confirmed by RK Arora, a former director of the financially troubled company. The apartments were delivered across 16 ongoing housing projects, managed by the previous leadership under the oversight of a resolution professional appointed by the National Company Law Tribunal (NCLT).
The NCLT initiated the Corporate Insolvency Resolution Process (CIRP) for Supertech Ltd on March 25, 2022. Following this, the promoter of the company appealed to the National Company Law Appellate Tribunal (NCLAT). In a ruling from June 2022, the NCLAT mandated the establishment of a committee of creditors (CoC) for only one project, ‘Eco Village-II’, while allowing the previous management to continue overseeing the completion of other projects under the guidance of an interim resolution professional (IRP).
In a recent statement, Arora, who previously chaired the suspended board of Supertech Ltd, noted that the company has delivered 6,121 flats across its 16 under-construction projects since the commencement of the Reverse Insolvency process on June 10, 2022. However, approximately 15,000 flats remain undelivered in these projects located in Noida, Greater Noida, and Meerut. The company aims to deliver an additional 1,000 flats within the next three months.
Furthermore, Arora revealed that Supertech Ltd and Apex Heights Pvt Ltd have jointly submitted a resolution plan to the Supreme Court, seeking approval to co-develop all 16 under-construction projects. As part of this plan, Apex Heights is set to invest ₹500 crore over the next year to facilitate construction, hand over units to buyers, and manage repayments to lenders and land authorities. If approved by the Supreme Court, the projects are expected to be completed within two years.
In a related development, the NCLAT recently cleared the path for insolvency proceedings against Supertech Realtors, another entity within the Supertech Group, which is responsible for the ‘Supernova project’ in Noida, featuring residential apartments, office spaces, retail areas, and a luxury hotel.
**FAQ**
*What is the current status of Supertech Ltd’s projects?*
Supertech Ltd has delivered over 6,000 apartments in the last three years and aims to complete an additional 1,000 flats in the next three months, while still having around 15,000 flats pending delivery across various projects.
