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SC turns down plea to bring entire Supertech group under insolvency proceedings

Dated on: Friday 12th May 2023

The Supreme Court has recently issued an interim order regarding the insolvency proceedings of real estate giant Supertech, highlighting that it would bring immense hardship and uncertainty to the homebuyers if all their projects were brought within the insolvency proceedings. The bench of Justices Dinesh Maheshwari and Sanjay Kumar, however, directed that only one of the projects, namely Ecovillage 2 in Greater Noida West, would be proceeded under the Insolvency and Bankruptcy Code (IBC), instead of the entire group.

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