Real estate developer Supertech declared bankrupt by NCLT – Times of India

NEW DELHI: In a set back for homebuyers, real estate firm Supertech Developers was declared bankrupt by the National Company Law Tribunal (NCLT) on Friday, news agency IANS reported.
The move comes as the company was under immense pressure after the Supreme Court had ordered demolition of its 2 illegal towers in Noida.
On February 7, the top court had directed the authorities to commence the demolition of the twin towers within 2 weeks.
The apex court had noted the submission that Supertech Ltd had received the necessary NOCs for facilitating the work of demolition from the agencies concerned.
On January 12, the top court had pulled up the builder for not complying with its orders to demolish the 40-story towers in sector 93 of Noida and warned that its directors will be sent to jail for “playing truant with the court”.
On August 31 last year, the top court had ordered the demolition of Supertech’s twin 40-storey towers under construction within three months for violation of building norms in “collusion” with Noida officials, holding that illegal construction has to be dealt with strictly to ensure compliance with the rule of law.
The Noida authority had received a rap on its knuckles as the top court pointed out multiple incidents of collusion of its officials with the Supertech in the Emerald Court project and violations of norms by the realty major in the construction of the twin towers.
It had directed that the entire amount of home buyers be refunded with 12 percent interest from the time of the booking and the RWA of Emerald Court project be paid Rs 2 crore for the harassment caused due to the construction of the twin towers, which would have blocked sunlight and fresh air to the existing residents of the housing project adjoining the national capital.
(With inputs from agencies)

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