ArticlesSupertech Construction Company Declared Bankrupt, Over 25,000 Home Buyers get affect

Supertech Construction Company Declared Bankrupt, Over 25,000 Home Buyers get affect

The notice was issued by Union Bank of India today at the Delhi branch of the National Company Law Tribunal seeking declaration of bankruptcy by Noida-based real estate firm Supertech for non-repayment of the loan.

New Delhi: Bankruptcy notices have been issued on behalf of this supertech company while numerous construction projects and apartment projects are pending in various cities.

Bankruptcy notice was issued against Supertech after the banks pressed for the outstanding amount due to Union Bank of India, a public sector bank.

Following this, the National Company Law Tribunal today appointed Hitesh Goyal to settle the bankruptcy notice.

The Supreme Court has ordered the demolition of two of the largest buildings built by Supertech on the Greater Noida-Noida Expressway. Now the bankruptcy notice is a huge blow to Supertech

However, Supertech said it would go to the National Company Law Tribunal and fight the bankruptcy notice.

None of the construction projects they are implementing will be stopped by this bankruptcy notice. We have provided 40 thousand flats in the last 7 years. We will definitely deliver homes to customers as we promised. Supertech has said it will fulfill its promise to provide 7,000 homes by December this year.

However, the company did not disclose how many people are waiting to pay for a home at Super Tech.

Supertech’s construction projects are currently underway in Noida, Greater Noida, Meerut, Moradabad, Gurgaon, Rudrapur and Bangalore. But people close to the company say about 25,000 people are currently stuck paying for a home and do not know what their future holds.

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