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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 Court's 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, ED's equivalent of charge sheet, was filed before Special Judge Devender Kumar Jangala, claiming there was sufficient evidence to prosecute Arora for laundering money.