Delhi-NCR-based developer Supertech, which has several ongoing projects in Noida, Greater Noida, Gurugram and Ghaziabad, went into insolvency on March 25  after the Delhi bench of the National Company Law Tribunal admitted a petition filed by the Union Bank of India for non-payment of dues.

This order may impact over 25,000 homebuyers who were awaiting possession of their homes booked with the developer for several years.

The NCLT appointed Hitesh Goel as the insolvency resolution professional (IRP) for Supertech under the Insolvency and Bankruptcy Code (IBC). The tribunal had reserved its order in the case on March 17, 2022 after the one time settlement proposed by Supertech was rejected by the bank and arguments were heard.

There is no clarity on Supertech’s dues to lenders. A copy of the written order is awaited.