New Delhi: In a major relief to homebuyers who invested in Supertech’s Supernova project in Noida’s Sector 94, the Supreme Court has constituted a three-member committee to oversee the completion of the project as well as the Insolvency Resolution process against the realtor.
The court has also ordered a forensic audit of Supertech Realtors Private Limited and its parent company, after it was told that financial creditors who loaned money to the company did not exercise due prudence and diligence to actively monitor financial discipline and management of the corporate debtor.
To do “complete justice” and make sure homebuyers get their residential premises in time, the court also directed the committee to discharge the functions of the Board of Directors of Supertech Realtors and appoint a new developer for completion of the project.
At the same time, Noida and financial lenders were ordered not to initiate coercive action against homebuyers who have yet not paid back their loans as they are yet to get possession of their homes.
Buyers of Supernova homes have been waiting for over a decade to get possession.
To be headed by former Chief Justice of Jammu and Kashmir High Court Justice M. M. Kumar, the panel will comprise National Buildings Construction Corporation (NBCC) chief managing director Anoop Kumar Mittal, and financial management expert Rajeev Mehrotra.
A bench led by Chief Justice Suryakant passed the order on an appeal filed by one of the suspended directors of the Supertech Realtors Private Limited, challenging National Company Law Appellate Tribunal’s (NCLAT) 13 August 2025 judgment that upheld the Adjudicating Authority’s 12 June 2024 order clearing the matter for insolvency resolution against the company.
Several other stakeholders, asserting interest in the matter, also sought to be impleaded in the proceedings, following which the court, on 29 August, appointed advocate Rajiv Jain as amicus curiae to assist it.
Supertech Realtors Private Limited has been involved in a series of litigations with homebuyers and others over its mixed-use project Supernova project. Owing to a default, insolvency process was initiated against it.
On the court’s order, Jain had submitted a report on the Supernova project and suggested the constitution of a committee to ensure continuity of the resolution process and strict adherence to the objectives of the Insolvency Bankruptcy Code (IBC) under which the insolvency framework is outlined.
Jain’s report, quoted in the court order, highlighted the financial creditors’ failure to take appropriate action against Supertech at the relevant time.
Despite long-standing exposure to the Corporate Debtor, the lenders failed to intervene or undertake timely restructuring despite early signs of financial distress. “Such inaction has substantially contributed to the present state of insolvency, and in this backdrop, the claim of primacy now asserted by the financial creditors over the interests of home buyers appears considerably weakened,” the report had highlighted.
The court’s order is largely based on the amicus’s report that advised judicial oversight of the insolvency process to secure equity amongst stakeholders and safeguard the interest of homebuyers.
Accepting the Amicus’ recommendations, the SC said: “In this backdrop, and having regard to the peculiar facts and circumstances of the case, the recommendations of the learned amicus curiae, and the need to balance the competing interests while safeguarding the rights of homebuyers, we are of the considered view that this is a fit case for the exercise of this Court’s powers under Article 142 of the Constitution of India to do complete justice.” The court will consider the matter on 20 January 2026.
This is the third such case concerning homebuyers where the top court has intervened under Article 142 to exercise its judicial supervision on unfinished real-estate projects that have caused severe losses to consumers. Previously, the top court gave orders in matters concerning Amrapali and Unitech.
As per the 16 December order, made available online Tuesday, SC has asked the committee to appoint a reputed and experienced entity to conduct a forensic audit of the company’s accounts.
The committee shall appoint a suitable person to implement the approved project scheme and supervise its functioning.
Since all operational decisions regarding the implementation of the approved plan shall be taken by the committee in discharge of its functions as the Board of Directors, the court ordered Supertech Realtor Private Limited to provide technical co-operation to it.
To carry out the court’s order to complete the project, the committee has been instructed to invite proposals and vet them before appointing a new developer. The parameters to choose the developer would be its track record, experience, financial viability and the proposal, which, court specified, should be time-bound.
Any developer associated or related to Supertech or its erstwhile management shall be ousted from the process.
“It is clarified that all the receivables, unsold inventory and fresh collections from buyers must be deposited in an escrow account and shall be used for construction purposes only,” the court ordered.
Whatever decisions the committee will take, they shall be after consultation with various stakeholders such as the Consortium of Banks, other financial creditors, home buyers, and authorities such as Noida, among others. However, the order empowers the committee to take a final decision that would be binding on all parties.
Strict directions were issued to Noida, asking it to “process all approvals and licences expeditiously without demanding the previous dues be cleared”. This includes registration of sub-lease deeds by Noida for the remaining 497 apartments (out of 582), provided full payments have been made.
Saying that there shall be a “zero period” in respect of payment of dues owed to Noida and financial lenders, the bench clarified no payments shall be made to them until the project is over and premises are handed over to homebuyers for occupation.
To make sure financial lenders do not harass homebuyers who have paid consideration for their respective dwelling units, but are yet to get delivery of their flats, the court restrained both Noida and the financial institution from taking coercive action against the consumers.
“Upon completion of the project, any surplus generated shall be utilised towards the satisfaction of the dues of the financial lenders and the Noida Authority,” the bench said.
(Edited by Viny Mishra)
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