Court-Monitored Resolution Process Recommended for Supertech’s 'Supernova' Project

Introduction

On September 12, the Supreme Court of India was advised to adopt a court-monitored hybrid resolution mechanism for the completion of the long-delayed Supernova project by Supertech Realtors in Noida. The suggestion comes in line with judicial interventions in stalled housing projects like Amrapali and Unitech, ensuring homebuyers’ interests are safeguarded when insolvency processes fail.

About the Supernova Project

  • Developer: Supertech Realtors (a wholly owned subsidiary of Supertech Ltd, currently facing insolvency proceedings).

  • Project Type: Mixed-use development, including residential units, commercial spaces, offices, studio apartments, serviced apartments, and shopping centres.

  • Location: Sector 94, Noida.

  • Scale: An 80-floor skyscraper with a height of 300 metres, touted as the tallest building in Delhi-NCR.

Stakeholders’ Confidence in Court-Monitored Resolution

Advocate Rajiv Jain, assisting in the matter, told a bench of Justices Surya Kant and Joymalya Bagchi that homebuyers, banks, financial creditors, and institutions all expressed confidence in a judicially supervised resolution process.

The amicus curiae’s report highlighted:

  • In past cases like Amrapali, Jaypee (JAL/YEIDA), and Supertech Twin Towers, courts innovated beyond traditional insolvency frameworks.

  • A court-monitored model ensures delivery of homes, balancing creditors’ rights with consumer protection.

Suggested Resolution Framework

The amicus proposed a hybrid model under Article 142 of the Constitution, enabling the Supreme Court to craft complete justice. Key recommendations include:

  • Leadership: Appointment of a former Supreme Court judge or former Chief Justice of a High Court to oversee the process. Names suggested:

    • Justice Navin Sinha (former SC judge)

    • Justice M.M. Kumar (former CJ, J&K HC; ex-president NCLT; ex-member NHRC)

  • Management Overhaul:

    • Promoters should be displaced from control and limited to technical cooperation only.

    • Existing key management personnel should be excluded from the resolution mechanism.

    • Appointment of a new Board of Directors and a Project Management Consultant (PMC), similar to NBCC in Amrapali projects.

  • Forensic Audit: A reputed and experienced entity should conduct a forensic audit of both Supertech Realtors and its parent company Supertech Ltd.

  • Interim Resolution Professional (IRP): The current IRP appointed by the insolvency tribunal should be replaced, as she has failed to take control of the company months after her appointment.

Opposition to Co-Developer Engagement

The homebuyers’ association strongly opposed involving Parmesh Construction Company Ltd (PCCL) of Bhutani Infra Group, citing that a suspended director cannot select a co-developer.

Legal Viability of Court Intervention

Rajiv Jain emphasized that while a court-monitored process is non-traditional, it is legally valid under Article 142.

  • Homebuyers: Will finally get possession of their long-delayed flats/units.

  • Creditors: Can retain recourse to surplus recoveries post-completion.

  • Avoiding Liquidation: Prevents extinguishing buyers’ hopes and avoids fragmented asset distribution.

Next Steps in the Case

  • The matter has been posted for further hearing on September 17, 2025.

  • The 721-page amicus report outlines a complete framework for resolving the project.

  • The Supreme Court’s final decision will determine whether the Supernova project, once envisioned as an architectural landmark, will finally see completion.


Location: Pune, Maharashtra, India

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