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 Su...