The arrest of Supertech Chairman RK Arora has increased the difficulties of homebuyers.
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Union Bank of India had filed an insolvency petition against Supertech. It says that the company has defaulted in payment of its dues of Rs 432 crore. The NCLT had accepted it in March last year but NCLAT limited it to Ecovillage 2 in Greater Noida. Along with approving the resolution plan, the promoters of Supertech were given the responsibility to complete other projects. This work was to be done under the supervision of the resolution professional appointed by NCLT.
concerns of homebuyers
But homebuyers are worried that Arora’s arrest will affect this resolution plan. Homebuyers cited the example of Unitech for this. They say that after the arrest of Unitech’s promoters, the company is being run by a board under the supervision of the Supreme Court. Its responsibility has been given to a retired IAS. But the matter has not progressed further. Very little work has been done on Unitech’s unfinished projects. The biggest problem is of funds.
According to the status report submitted by the resolution professional in LCLAT, Supertech has 20 ongoing projects. Of these, there are 49,954 flats. Of these, 28,000 flats are currently under construction while 9,705 units have been handed over to homebuyers. But they haven’t been registered yet. Around 12,000 units have been registered. Homebuyers say that ever since the matter went to NCLT, the pace of work has slowed down. They fear that work on these projects will stop after Arora’s arrest. Raj Kumar has a flat in Ecovillage 2. He says Arora’s arrest will dent the confidence of investors and financiers. This will affect the construction.
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hunger strike threat
Similarly, Pratima Banerjee, who lost her husband in the Corona epidemic, says that Supertech had allotted her a flat under the rental scheme. This flat was given to him till his flat was ready. She was living in this rented flat since 2017 but from April last year the company stopped paying rent. Since then I have to pay the rent from my own pocket as well as the installment of the flat. No progress has been made even after the appointment of a resolution professional.
Homebuyers of Ecovillage 2 have threatened to go on a hunger strike if the work is not started by August 15. Kailash Chandra, president of the Supertex Upcountry Buyers Association, says his hopes are fading. He said that he would soon file a case in the Supreme Court and appeal to the court to allow the homebuyers to complete the project on their own. We are not sure that Supertech will get funds to complete its projects.
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