5 Sep 2025: New Delhi – The Supreme Court has proposed forming a special committee to help save the troubled Supertech Supernova project in Noida and protect thousands of homebuyers. The court made this suggestion on Thursday while hearing a case about the company’s financial problems.
The Supreme Court wants to create an independent committee that will look at different offers to revive the Supernova project. This move aims to protect people who have already bought homes and those still waiting for their apartments.
Court Opens Door for Multiple Bidders
Justice Surya Kant and Justice Joymalya Bagchi said all interested parties, including homebuyers living in the project and those waiting for their homes, can give their suggestions. The court wants a clear process that protects everyone’s interests.
The judges said the committee will invite offers from different companies who want to take over the project. Even Supertech itself can bid with its offer of Rs 477 crore to avoid closing down.
Banks Refuse Settlement Offer
Bank of Maharashtra and other banks have refused to accept Supertech’s one-time settlement offer. The banks are standing firm on their decision, which they had earlier told to the National Company Law Appellate Tribunal.
The Supreme Court criticized the banks for their behavior. The judges said they know how banks work and warned them not to act too smart. The court even suggested banks might be secretly dealing with other private builders.
Project Details and Current Status
The Supernova project is located in Sector 94, Noida. It includes homes, offices, shops, and a luxury hotel. The project was built at a cost of Rs 2,326.14 crore on land measuring 70,002 square meters.
Out of 2,863 units sold in the project, 1,121 homes have already been given to buyers. This shows the project is partially complete and many families are already living there.
Next Steps for Resolution
The court has appointed lawyer Rajeev Jain to help find a solution. All parties must send their suggestions to him by September 9. The next hearing is scheduled for September 12.
“It is suggested that all stakeholders, including homebuyers who are in occupation and those awaiting possession, may submit their suggestions regarding a transparent process,” the court stated.
The court has asked the company’s resolution professional to publish this order on Supertech’s website so more people can participate in finding a solution.
This case started when Bank of Maharashtra filed a complaint about loan defaults. The National Company Law Tribunal had ordered insolvency proceedings on June 12, 2024, which was later upheld in August.
The Supreme Court’s intervention brings hope for thousands of homebuyers who have invested their life savings in this project. The proposed committee could find a way to complete the project and deliver homes to waiting families.
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Updated 5 Sep 2025, 03:54 IST; source: link
