Delhi-NCR based real estate developer Supertech was declared bankrupt by the National Company Law Tribunal (NCLT).
This comes after Union Bank of India's (UBI) filed a petition claiming default with the NCLT against Supertech, following which the company went into insolvency.
The declaration of bankruptcy may impact 25,000 homeowners awaiting possession of their homes booked with the developer for several years.
In August 2021, the Supreme Court ordered the demolition of Supertech's multi-story under-construction in Noida for violating building norms.Supertech stated that it will file an appeal with the National Company Law Appellate Tribunal (NCLAT) against the move.