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Supertech Chairman R K Arora welcomed the order, saying it favoured all the stakeholders. He said the company would finish all the projects and deliver the flats within two years.
The Court dismissed the pleas on the grounds that the homebuyers had alternative remedies, and that the facts of the cases were purely contractual in nature.
Supertech Ltd has undertaken multiple projects in Noida, Gurugram, Ghaziabad, and Greater Noida. Thousands of homebuyers are awaiting their flats in these housing projects.
The Delhi-bench of NCLT has also appointed Hitesh Goel as the insolvency resolution professional (IRP) in this matter under the Insolvency and Bankruptcy Code (IBC).
Supertech declared bankrupt by company law tribunal, 25,000 home buyers could be impacted.