Supreme Court to Oversee Completion of Supernova Project with Hybrid Resolution Mechanism

The Supreme Court has been advised to implement a court-monitored hybrid resolution mechanism for the Supernova project, a major initiative by Supertech Realtors in Noida. This approach aims to ensure the completion of the project under the guidance of ex-apex court judge Navin Sinha, following precedents set by Amrapali and Unitech Groups.

Supertech Realtors, a branch of the financially troubled Supertech Ltd, is overseeing the construction of the Supernova project, which includes residential, commercial, and office spaces, and stands as the tallest building in Delhi-NCR. Advocates report that stakeholders, including homebuyers and financial institutions, trust a court-monitored resolution process.

The recommended solution involves appointing a former high-ranking judge for close supervision, preventing the promoter from maintaining control, and ensuring financial creditors and homebuyers' interests are balanced. A forensic audit is suggested to bring further transparency. The Supreme Court's intervention aims to deliver justice while avoiding the inefficiency of liquidation proceedings.

(With inputs from agencies.)