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Supertech declared bankrupt, over 25,000 homebuyers in a limbo - NCLT on Friday initiated insolvency proceedings against real estate firm Supertech Ltd, one of the companies of Supertech group.
The non-payment of around Rs 432 crore in dues led to India's bankruptcy court ordering insolvency proceedings against real estate firm Supertech Ltd, one of the companies of Supertech group, documents showed on Friday.
The Supreme Court has ordered the demolition of Supertech Ltd's twin 40-storeyed towers.
The company has several ongoing projects in Noida, Greater Noida, Gurugram and Ghaziabad cities of the National Capital Region.
The NOCs of all departments have been received while the demolition of the twin towers will be carried out in a scientific process, said the authority.