Not just Supertech, Delhi-NCR's other real estate firms facing insolvency proceedings; check here

New Delhi: Supertech Ltd. has been declared bankrupt by the National Company Law Tribunal (NCLT) for failing to pay over 432 crore in debts, affecting over 25,000 home buyers in the Delhi-NCR region.

The NCLT stated in its decision on a petition filed by the Union Bank of India, "There has been a default in payment of the financial debt."

Under the Insolvency and Bankruptcy Code(IBC), the court also appointed Hitesh Goyal as the Interim Resolution Professional (IRP) to replace Supertech Ltd.'s board.

Meanwhile, many real estate companies are facing insolvency proceedings including Jaypee Infratech and Mumbai-based HDIL.

Amrapali group and Unitech group have also defaulted in delivering many projects, particularly in Delhi-NCR, affecting thousands of homebuyers.

The government has taken over the management control of Unitech, while NBCC under the supervision of the apex court is completing stalled projects of Amrapali.