Supertech

NCLAT appoints NBCC as consultant to complete Supertech's housing projects

State-owned NBCC has been appointed as a project management consultant to complete Supertech Ltd's 16 real estate projects at a cost of nearly Rs 9,500 crore, a move that will provide relief to thousands of homebuyers. In a regulatory filing on Thursday, the company informed that the National Company Law Appellate Tribunal (NCLAT), vide its order dated December 12, 2024, has "appointed NBCC (India) Limited as Project Management Consultant for the completion of 16 projects of Supertech Ltd". NBCC will complete 16 projects, comprising 49,748 houses in Uttar Pradesh, Uttarakhand, Haryana and Karnakata. "The tentative construction cost of the project is approx Rs 9,445 crore, including 3 per cent contingency. The consultancy fee has been fixed as 8 per cent, including 1 per cent marketing fee," NBCC said. The public sector company is mainly into project management consultancy (PMC) and real estate business. NBCC is already completing stalled projects of Amrapali Group on the order of

NCLAT grants two weeks time for Supertech Township's settlement proposal

The Insolvency appellate tribunal NCLAT has granted two weeks more time to debt-ridden realty firm Supertech Township Projects suspended director Ram Kishore Arora to circulate the settlement proposal to both its lenders and home buyers. The National Company Law Appellate Tribunal (NCLAT) also suggested the realty firm facing insolvency proceedings to publish the settlement proposal on its website so that it can be accessed by all concerned stakeholders. "In view of the fact that Appellant is circulating a proposal for resolution of the project to the bank as well as to the homebuyers, we grant two weeks opportunity to the Appellant to complete the proposal and circulate it to the bank as well as to all the homebuyers," said a three-member NCLAT bench. The bench further said, "On the next date, we will consider whether the proposal submitted deserves to be accepted or not after hearing counsel for the lenders as well as the homebuyers who have filed applications in the appeal. Any .

NBCC moves SC to complete stalled projects of realty major Supertech Ltd

The state-owned NBCC on Tuesday moved the Supreme Court seeking to develop and complete embattled realty major Supertech Limited's 17 stalled or partially built projects where around 27,000 hassled home buyers are stuck for years. These 17 projects were launched in the National Capital Region, Dehradun and Bengaluru but completion of the residential units was hit due to financial crisis faced by the realty major which led to insolvency proceedings since 2021. A bench of Justices Sanjiv Khanna and Sanjay Kumar was told by advocate ML Lahoty, appearing for the hassled home buyers, that the National Buildings Construction Corporation Ltd (NBCC) has come forward with a proposal to complete these stalled projects having around 51,000 residential units. Senior advocate Gopal Jain, appearing for NBCC, said the public sector undertaking has filed an intervention application in a matter related to insolvency proceedings of Supertech Ltd to develop the stalled project on the lines of Amrapali

Over 200 fall ill from contaminated water at Greater Noida housing society

In response to the complaints, the society's maintenance team has conducted an inspection of the water tanks and collected samples for testing

NCLT orders insolvency proceedings against Supertech Township Projects

The National Company Law Tribunal has directed to initiate insolvency proceedings against Supertech Township Projects on a plea filed by Punjab & Sind Bank over a default of Rs 216.92 crore. This is the third group firm of Ram Kishor Arora-led realty major Supertech to go through the Corporate Insolvency Resolution Process (CIRP). Earlier in June this year, the National Company Law Tribunal (NCLT) directed to initiate CIRP against Supertech Realtors, which is developing residential apartments, offices, retail and luxury hotels at its "Supernova" projects. In March 2022, CIRP was initiated against Supertech Ltd. On July 12, a Delhi-based NCLT bench admitted the plea against Supertech Township Projects filed by Punjab & Sind Bank and appointed Umesh Singhal as the Insolvency Resolution Professional. Supertech Township Projects is developing a Group Housing Project - Golf Country at Yamuna Expressway, Greater Noida, Uttar Pradesh. The cost of the project was estimated at around ..

NCLT orders proceeding against Supernova developer Supertech Realtors

The National Company Law Tribunal (NCLT) has ordered initiating an insolvency proceeding against Supertech Realtors, which is developing a residential apartment, office, retail and luxury hotel at its Supernova project. A two-member Delhi bench of NCLT admitted the insolvency plea filed by the Bank of Maharashtra over a default of Rs 168.04 crore and appointed Anju Agarwal as interim resolution professional (IRP), suspending the board of Supertech Realtors, a step-down subsidiary of Supertech. Supertech is also facing a Corporate Insolvency Resolution Process (CIRP). Supertech Realtors is developing Supernova project at a cost of Rs 2,326.14 crore on a land admeasuring 70,002 square metres at Sector 94, Noida. As per the plans, Supernova project will have 80 floors and will be the tallest building in Delhi-NCR at a height of 300 metres. For the project, Supertech Realtors approached a consortium of lenders led by Union Bank of India seeking a financial assistance of Rs 7,35.58 cro

Court grants bail to Supertech chairman RK Arora in money laundering case

A Delhi court on Thursday granted bail to Supertech chairman and promoter R K Arora in a money laundering case. Additional Sessions Judge Devender Kumar Jangala granted relief to Arora, noting that there was no likelihood of him evading the trial or influencing the investigation. Arora was arrested in June last year. As many as 26 FIRs were registered by the Economic Offences Wing (EOW), Delhi Police, Haryana Police and Uttar Pradesh Police against Supertech Limited and its group companies, and Arora, for criminal conspiracy, cheating and criminal breach for allegedly cheating at least 670 home buyers for an amount of Rs 164 crore. The Enforcement Directorate (ED) filed a cased a case based on the FIRs to probe alleged money laundering by the accused, according to which the amount collected by Supertech Ltd was diverted to their group companies for the purchase of properties and the company with land having much lesser value. The ED alleged that the accused persons have acquired .

Court extends interim bail to Supertech chairman in money laundering case

The plea stated that Arora was admitted to Fortis Hospital, Noida on March 10 and was diagnosed with 'Systemic Hypertension, Coronary Artery Disease and unstable angina'

Delhi HC denies default bail to Supertech chairman in money laundering case

The Delhi High Court has dismissed a plea by R K Arora, the chairman and promoter of real estate major Supertech Group, seeking default bail in a money laundering case. The high court rejected Arora's contention that on the date of filing of the prosecution complaint (charge sheet) the investigation was incomplete as the chargesheet was not accompanied by FSL report and the Enforcement Directorate (ED) had issued summons to another person in the case after filing the prosecution complaint. The respondent (ED) has already submitted the requisite documents for obtaining expert opinion from the Forensic Science Laboratory (FSL). Preparation of the FSL report is not in the control of the investigating agency, though it can take steps for expediting the process. It is the categorical stand of the respondent that the investigation against the present petitioner is complete. Mere issuance of summons to another person or seeking leave of the court to file additional evidence, without there

Not entitled to default bail: HC rejects Supertech's promoter Arora's plea

Default bail is enshrined in Section 167(2) of the CrPC, which states that when an accused is arrested and detained in custody, the investigation must be completed within a specified time frame

Delhi HC reserves order in Supertech Chairman RK Arora default bail plea

The Delhi High Court on Wednesday reserved the order on the default bail plea moved by the Supertech Chairman RK Arora plea in a money laundering case

Delhi HC issues notice to ED on Supertech chief RK Arora's bail plea

Recently, the Court had granted interim bail for 30 days to R K Arora on medical and health ground

HC asks Supertech chairman to respond to ED's plea challenging interim bail

The Delhi High Court Friday sought response of R K Arora, the chairman and promoter of realty major Supertech Group, on a plea by the Enforcement Directorate (ED) challenging an order granting him interim bail on medical grounds in a money laundering case. Justice Manoj Kumar Ohri issued notice to Arora and asked him to file a reply to the petition. The high court noted that Arora, who was granted interim bail by a trial court here on Tuesday, has already been released from jail and listed the matter for further hearing on February 9. While granting interim bail to Arora on medical grounds, the trial court had directed him not to leave the National Capital Territory of Delhi or country without prior permission of the court and ordered him to surrender his passport in the court. It had also said that he will not use the liberty of interim bail for any other purpose except for better medical treatment/surgery, and better nursing and nutritional care. Arora had sought interim bail fo

Supertech chairman seeks bail in money laundering case on medical grounds

R K Arora, the chairman and promoter of real estate major Supertech Group, on Wednesday urged a Delhi court to grant him interim bail for three months in a money laundering case, claiming he was suffering from various ailments. Arora told Additional Sessions Judge Devender Kumar Jangala he has lost around 10 kg since his arrest and required "urgent medical assistance". He was arrested on June 27, 2023 under the Prevention of Money Laundering Act (PMLA). The judge adjourned the matter for further hearing on January 12. The money laundering case against the Supertech group, its directors and promoters, stems from a clutch of FIRs registered by police in Delhi, Haryana, and Uttar Pradesh. The ED has been probing 26 FIRs registered by the Economic Offences Wing of Delhi, Haryana and Uttar Pradesh police against Supertech Ltd and its group companies for alleged criminal conspiracy, cheating, and criminal breach of trust and forgery. They have been accused of defrauding at least 670 ho

ED opposes interim bail plea of Supertech chairman in money laundering case

The Enforcement Directorate on Wednesday opposed in a Delhi court an application filed by the chairman and promoter of real estate major Supertech Group, R K Arora, seeking interim bail for three months on medical grounds in a money laundering case. Arora's application was moved before Additional Sessions Judge Devender Kumar Jangala on account of his deteriorating medical condition which has been aggravating ever since his incarceration as he was already suffering from various life-threatening diseases. Enforcement Directorate's Special Public Prosecutor N K Matta and advocate Mohd Faizan Khan told the court there was no need to release the accused on bail since all medical assistance he required was already available in the prison. The judge is likely to take up the matter for further consideration on January 5. The application, moved on December 22, claimed Arora required treatment at a private hospital. It is pertinent to state herein that the Applicant warrants urgent ...

ED searches realty major DLF in money laundering case against Supertech

The Enforcement Directorate has searched the premises of realty major DLF in Gurugram as part of a money laundering investigation against real estate firm Supertech and its promoters, official sources said Saturday. The central agency has recovered some documents during the action that was carried out over the past few days, they said. The action is linked to the ED investigation against Supertech, the sources said. An email sent by PTI to DLF did not elicit an immediate response. The ED had arrested Supertech promoter R K or Ram Kishor Arora in this case in June. It had then alleged that Arora was the main controlling person of the group who decided to "divert" crores of funds of investors and homebuyers to various shell companies. The money laundering case, filed under the criminal sections of the Prevention of Money Laundering Act (PMLA), stems from as many as 26 FIRs registered by the police departments of Delhi, Haryana and Uttar Pradesh against Supertech Limited and its gro

Court denies 'default bail' to Supertech chief in money laundering case

A Delhi court has denied 'default bail' to R K Arora, the chairman and promoter of real estate major Supertech Group, in a money laundering case. Additional Sessions Judge Devender Kumar Jangala dismissed the application moved by Arora which argued he should be granted bail since the central probe agency had filed an 'incomplete charge sheet' against him. The judge rejected the contention, observing that the ED had completed the investigation against Arora. "It is clear from the above discussions that the prosecution on completion of investigation has filed the complaint against the accused persons named in the complaint including the applicant Ram Kishor Arora," the judge said in an order passed on October 14. Jangla noted that considering the sufficiency of material on record, the court had already taken the cognizance of commission of alleged offence in an order passed on September 26. "The order passed by this court at the time of taking the cognizance itself implies that the

The real estate rollercoaster

From grappling with rising inventory, the market now has swung to the opposite extreme, but reasons for the euphoria are unclear

Delhi court to consider chargesheet against Supertech chairman on Sept 15

A Delhi court is likely to consider on September 15 on whether to take cognisance of a charge sheet against R K Arora, chairman and promoter of Supertech Group, in a money laundering case. Special Judge Devender Kumar Jangala took up the matter on Monday and said that the documents were lengthy as he adjourned the matter. The Enforcement Directorate (ED) on August 24 filed the charge sheet against Arora, Supertech Group, and eight others in the money laundering case. They have been accused of defrauding at least 670 home buyers of Rs 164 crore. The nearly 100-page prosecution complaint, ED's equivalent of a charge sheet, claimed there was sufficient evidence to prosecute the accused. Arora was arrested on June 27 under the criminal sections of the Prevention of Money Laundering Act (PMLA) after three rounds of questioning. The money-laundering case against the Supertech Group, its directors and promoters stems from a clutch of FIRs registered by police in Delhi, Haryana and Uttar

ED files charge sheet against Supertech's chairman in money laundering case

The Enforcement Directorate (ED) Thursday filed a charge sheet against R K Arora, chairman and promoter of real estate major Supertech Group, his company, and eight others in a money laundering case, accusing them of hatching a "criminal conspiracy" to cheat home buyers. They have been accused of defrauding at least 670 home buyers of Rs 164 crore. The nearly 100-page prosecution complaint, ED's equivalent of charge sheet, was filed before Special Judge Devender Kumar Jangala, claiming there was sufficient evidence to prosecute Arora for laundering money. The court posted the matter for August 28 for taking cognisance of the charge sheet. Arora was arrested on June 27 under the criminal sections of the Prevention of Money Laundering Act (PMLA) after three rounds of questioning. The money-laundering case against the Supertech group, its directors and promoters stems from a clutch of FIRs registered by police in Delhi, Haryana and Uttar Pradesh. ED's Special Public Prosecutor N K