Noida, Uttar Pradesh – In a big development for the real estate world, the National Company Law Appellate Tribunal (NCLAT) has backed a lower court’s decision to start insolvency proceedings against Supertech Realtors. This ruling, made on August 14, 2025, ends a long wait and opens the door for creditors to step in and try to recover their money from the troubled developer. Supertech Realtors, part of the larger Supertech group, has been struggling with debt issues for years, and this could mean more headaches for homebuyers and investors tied to their projects.
The story goes back to 2012 when Supertech Realtors got a loan of ₹150 crore from Bank of Maharashtra to help build their big Supernova project in Noida. This mixed-use development includes homes, offices, shops, and a fancy hotel. Things went south, though, and by September 2018, the bank marked the account as a bad loan because payments weren’t coming in. The bank says the total owed now stands at ₹168 crore, including interest.
Bank of Maharashtra took action by filing a case under the insolvency law at the National Company Law Tribunal (NCLT) in Delhi. On June 12, 2024, the NCLT agreed and ordered the start of the corporate insolvency resolution process, or CIRP for short. That means an interim resolution professional (IRP) gets appointed to run things, gather claims from all creditors, and form a committee to decide the next steps, like finding a buyer or restructuring the debt.
Supertech Realtors wasn’t happy and appealed to the NCLAT right away. They argued that they had tried to settle the matter outside court. Back in June 2022, they offered a one-time settlement, which the bank first okayed but later pulled out of because Supertech didn’t follow through. Courts, including the Delhi High Court and Supreme Court, sided with the bank on that. Then, in February 2024, Supertech’s promoter, Ram Kishore Arora, put forward another deal, ₹310 crore to clear dues with all lenders, including a group led by Union Bank of India that Supertech had asked for ₹735 crore in funding. But the banks turned it down again.
The NCLAT, led by Justice Ashok Bhushan and Barun Mitra, looked at all this and decided to stick with the NCLT’s call. They said the settlement talks didn’t work out, so insolvency is the way forward. To keep things fair, they ruled that the time from June 18, 2024, to August 14, 2025, while the appeal was hanging, won’t count against the usual 180-day limit for finishing the insolvency process. The IRP can now move ahead, pull together the committee of creditors, and get the ball rolling.
This isn’t the first trouble for the Supertech group. Other parts of the company, like Supertech Limited, are already in insolvency over separate debts. For instance, just last month, the NCLT started proceedings against Supertech Township Projects for owing ₹216 crore to Punjab & Sind Bank. The whole group has faced issues, including orders to tear down twin towers in Noida a couple of years back due to building violations. Homebuyers in Supernova and other projects are worried about delays and what this means for their investments.
Experts say this case shows how tough it is for real estate firms to bounce back from debt piles, especially with banks getting stricter. If no good resolution plan comes up, the company might end up liquidated, which would be bad news for everyone involved. Supertech didn’t comment on the ruling, but insiders hint they might take it to the Supreme Court.
As of August 16, 2025, there’s no word on immediate next steps, but the IRP should start calling for claims soon. This saga highlights the risks in India’s property market, where big dreams sometimes crash into financial realities. Stakeholders will be watching closely to see if a rescue deal can save them.
