Page 6 - Supertech Ltd News Today

The Supertech Group also defaulted on payments to banks and financial institutions, and currently around Rs 1,500 crore of such loans have become non-performing assets (NPA), the agency said. Supertech Ltd, which was formed in 1988, has so far delivered around 80,000 apartments, mainly in Delhi-NCR. The company is currently developing around 25 projects across the National Capital Region (NCR). It is yet to give possession to more than 20,000 customers.

The Delhi High Court has dismissed a petition by R K Arora, chairman and owner of real estate company Supertech, challenging his arrest by the Enforcement Directorate in a money laundering case. Arora claimed that he was arrested without being informed about the grounds of arrest, but the court ruled that he had been duly informed. The case against Supertech and its directors stems from FIRs registered by the Delhi, Haryana, and Uttar Pradesh police. The company is accused of defrauding home buy...

Justice Dinesh Kumar Sharma rejected Aroras claim that he was arrested

Supertech: Justice Dinesh Kumar Sharma rejected Aroras claim that he was arrested "arbitrarily and illegally" on June 27 without being informed about the grounds of arrest, noting the agency complied with the relevant provisions of law.

Supertech: Special Judge Devender Kumar Jangala, who was scheduled to take up the matter for consideration on Friday, adjourned the matter saying the documents were lengthy and he needed time to go through all the files before passing any decision.

The NCLAT had also directed constitution of a Committee of Creditors for the Eco Village 2 project located in Greater Noida (West). The company had secured the Supreme Courts permission to mobilise around Rs 1,600 crore from institutional investors to complete 18 ongoing housing projects across Delhi-NCR under the main firm Supertech Ltd.

The Enforcement Directorate (ED) on August 24 filed the charge sheet against Arora, Supertech Group, and eight others in the money laundering case. They have been accused of defrauding at least 670 home buyers of Rs 164 crore.

The company has been plagued by crisis since 2022 when in August its nearly 100-metre-tall twin towers - Apex and Ceyane - located on Noida Expressway, were demolished following an order of the Supreme Court which found they were constructed within the Emerald Court premises in violation of norms. Arora had then said the company incurred a loss of about Rs 500 crore, including construction and interest costs, because of the demolition.

(This story has not been edited by THE WEEK and is auto-generated from a PTI

The nearly 100-page prosecution complaint, EDs equivalent of charge sheet, was filed before Special Judge Devender Kumar Jangala, claiming there was sufficient evidence to prosecute Arora for laundering money.