In July 2017, Paramita Banerjee, a homebuyer, booked a flat in Supertech Sports Village in Greater Noida, on the promise of completion by the end of 2019. However, construction did not commence until the end of 2020. During the booking process, Banerjee was assured of RERA approval for the property, ensuring the safety of her investment.
When faced with substantial delays in construction, Banerjee was informed that her flat could be shifted to Eco Village 2, under Supertech’s Rental Accommodation scheme. She made an additional 10% payment for this shift. Despite being promised ready accommodation in two years, Supertech failed to provide rental accommodation or pay rent for self-arranged accommodation.
In March 2020, Supertech was declared bankrupt by the National Company Law Tribunal (NCLT) due to non-payment of dues. An Interim Relief Professional (IRP) was appointed by the court to manage the company’s operations. Banerjee, along with many other homebuyers, have faced continuous delays in resolution. Her husband, who had used his life savings and her wedding jewelry funds for the flat, passed away in 2021 due to COVID-19. Banerjee, a homemaker who had never worked, is now left with no resolution for her flat and the responsibility of supporting her family on her husband’s insurance policy and extended family aid.
Banerjee believes the current government, in power for the last 10 years, is responsible for the situation, highlighting the ineffectiveness of RERA regulations in protecting homebuyers. She demands accountability and action from the authorities to address their plight.
The Supertech Insolvency Case, initiated in March 2022, involved insolvency proceedings against the company for non-payment of dues. Supertech challenged the order at NCLAT and claimed to have arranged priority funding for project completion. In May 2023, the Supreme Court approved Supertech Limited’s resolution plan submitted to NCLAT. While NCLAT initially ordered insolvency proceedings only for Eco Village II, Supertech Limited was tasked with carrying out construction. Mr. Hitesh Goel was appointed as the Interim Resolution Professional (IRP) to oversee the projects.