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The Supreme Court on Friday ordered the Insolvency Resolution Professional (IRP) to submit construction status report of each individual’s projects of Supertech Ltd.

Supreme Court asks Supertech to submit status report

Credits – Supreme Court of India Official website

In a move forward in the peculiar case of Supertech Ltd., where the Supreme Court approved Project-wise Resolution, the status report of each project of the Supertech Ltd. along with the fund flows has been demanded by the IRP within four weeks of the date of the order.

The Supreme Court before the vacation had passed an interim order approving the Project-wise Corporate Insolvency Resolution Process (CIRP) which was proposed by the NCLT as a unique measure in insolvency proceedings against real estate builders.

The chain of events after the Supreme Court’s May 2023 interim order has been a rollercoaster ride. During this period the company had managed to get interim finance of approx. Rs. 1200 crores to continue further construction of the pending projects. Further the chairman and promoter of the Supertech Ltd. was arrested by the Enforcement Directorate (ED) in accusation of laundering the hard earned money of the homebuyers from Supertech Ltd. ED has said that Mr. R.K Arora has had direct involvement in laundering of money.

In conclusion, all of this has said to done nothing but has prolonged the process and has been affecting the homebuyers. A set of homebuyers in a collective statement have even said that arresting the builder would not solve problems. The homebuyer seeks speedy justice, whether it be getting possession of the flats for which they have been paying loans still or refund of their investments till now.

The Supreme Court has said that it will hear the matter next on 24.08.2023. The homebuyers are looking forward to the hearing expecting some relief.