Supreme Court on Supernova Project: The Supreme Court has stopped Supertech Realtors and its suspended director Ram Kishore Arora from creating any rights or selling parts of the ambitious Supernova project in Noida.
The order came on Wednesday as the court wanted to protect homebuyers and make sure the project is completed properly. Supertech Realtors is a wholly owned subsidiary of Supertech Ltd, which is facing insolvency proceedings. The project includes residential flats, commercial spaces, offices, studio apartments, service apartments, and shopping centres in Sector 94, Noida.
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The building in this project is expected to have 80 floors and rise up to 300 meters, making it the tallest in Delhi-NCR. The court also added the Noida Authority as a party in the case since they handle property registration for homebuyers.
The bench said, “The appellant (suspended director Ram Kishore Arora) and his associates are restrained from alienating and/or creating third party rights in the subject property.”
The court also told Arora to cooperate with the interim resolution professional (IRP) appointed by the National Company Law Tribunal (NCLT) and provide all records and support needed, reported Money Control. The soft copy of all documents must also go to the amicus curiae overseeing the matter. The bench allowed the IRP to complete statutory requirements with advance notice to the amicus curiae.
Homebuyers Seeking Court-Monitored Resolution
Senior advocates representing homebuyers said Supertech Realtors may be dividing or selling some properties without consent. The bench accepted these concerns and allowed their interlocutory applications.
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Homebuyers highlighted that the project is about 70% complete and cannot be treated like other incomplete real estate projects. Justice Surya Kant noted that the court had suggested forming a committee to bring a co-developer to infuse funds transparently, otherwise the matter could have ended with a CBI investigation.
Amicus curiae Rajiv Jain submitted a report recommending a court-monitored hybrid resolution process, like the ones used in Amrapali and Unitech cases.
He suggested former apex court judge Navin Sinha and former chief justice M M Kumar to supervise the project. “The promoter/appellant should be displaced from control; if necessary, his role may be limited to technical co-operation only. Further, the key management personnel should also not be part of any resolution mechanism,” the report said.
Forensic audit
Jain also suggested a forensic audit of Supertech Realtors and Supertech Ltd accounts and recommended appointing a new board of directors and a Project Management Consultant like NBCC to complete the project. He said the process would protect homebuyers and balance the rights of financial creditors.
The Supreme Court listed the matter for further hearing on October 8. Arora and Supertech Realtors can file responses to the report submitted by the amicus curiae.
