Supreme Court Moves Forward on Supertech Supernova Development Amid Insolvency Challenges

The Supreme Court on Thursday deliberated the establishment of a committee to manage the bidding process and appoint a co-developer for Supertech's stalled Supernova project in Noida, which includes residential apartments, offices, retail space, and a luxury hotel.

Supertech Realtors, facing insolvency alongside related entities, is tasked with the ambitious Rs 2,326.14 crore Supernova project, touted as Delhi-NCR's tallest building. The court, led by Justices Surya Kant and Joymalya Bagchi, highlighted the necessity of safeguarding homebuyer interests by rejecting a settlement proposal between Supertech Realtors and Parmesh Construction Company.

The bench proposed forming a committee to ensure transparency in appointing a co-developer, while requesting inputs from stakeholders. Amid tensions with the Interim Resolution Professional and opposition from Maharashtra Bank, the court emphasized prioritizing homebuyers' protection and delegated Rajiv Jain as an amicus curiae to guide the complex proceedings.

(With inputs from agencies.)