Business
Supertech stares at insolvency amid heat of twin-tower demolition

A couple of years ago, real estate firm Supertech Ltd was gaining steam with several thousand apartments in Delhi-NCR.
It advertised extensively and the firm was among the top in the real estate sector. Then in 2020 came the Covid pandemic, which turned everything upside down and created an unprecedented crisis for the real estate industry.
As things begin to normalise, it seems normalcy has reached beyond the reach of Supertech with the company receiving a twofold blow.
First, in August last year, the Supreme Court ordered demolition of its two 40-storey towers in Noida, and in March this year, the National Company Law Tribunal (NCLT) declared Supertech as insolvent while admitting a plea filed by the Union Bank of India (UBI) over non-payment of its dues.
In August 2021, the apex court ordered demolition of the twin towers in Sector 93, Noida, within three months, and also directed that the entire amount of homebuyers should be refunded with 12 per cent interest from the time of booking.
Supertech fought a long and draining legal battle to protect its twin towers — having over 900 flats and 21 shops — against demolition, which had been ordered for violation of building bylaws.
It filed a plea in the apex court seeking to save one tower and partially demolish 224 units in the other to conform with building bylaws. However, in October last year, the top court junked the plea by Supertech seeking extension of time for payment of compensation to homebuyers and demolition of twin towers.
Finally, the fate of its twin towers was sealed on February 7, when the apex court directed the authorities to commence the process for demolition of towers within two weeks.
The Noida authority informed the apex court that the demolition will be completed by May 22, and the debris will be removed by August 22.
The past few of months have been dramatic for the real estate company. In January, the Supreme Court pulled up the realty major for not complying with its orders to demolish the twin towers. The top court warned “its directors will be sent to jail for playing truant with the court”, and also took serious note of the deductions in refund made to the homebuyers.
Another jolt hit Supertech when the NCLT in March approved UBI’s application to begin corporate insolvency resolution process (CIRP) against the realty major for non-payment of around Rs 432 crore worth dues.
Supertech is supposed to deliver nearly 25,000 units to homebuyers in 50 projects, which are spread across Noida, Greater Noida, Yamuna Expressway, Ghaziabad and Gurugram, among other cities.
The NCLT appointed Hitesh Goyal as the Interim Resolution Professional (IRP), superseding the board of Supertech. One of the promoters of Supertech moved the NCLAT, challenging the NCLT order.
Earlier this week, the National Company Law Appellate Tribunal (NCLAT) gave the real estate firm one more opportunity to settle its dispute with the Union Bank of India. The bank took the real estate firm to the insolvency court after it failed to pay its debt since July 2019.
The NCLAT extended its stay over formation of a committee of creditors (COC) to overtake Supertech till May 2, after a counsel for a director of the suspended board of Supertech sought one more chance to present a better proposal before the lender bank.
The Union Bank of India counsel had contended that it has received an offer, but it has been rejected on various grounds. The bank’s counsel said it did not mention paying any upfront amount and the tenure of repayment was 24 months, and insisted that Supertech should come up with a definite upfront payment plan for the dues.
On April 4, the Supreme Court said it will protect the interest of Supertech’s twin-tower homebuyers in the backdrop of the appointment of an IRP in the insolvency proceedings against the real estate firm.
According to a note filed by advocate Gaurav Agarwal, amicus curiae in the matter, NCLT passed an order on March 25, 2022, by which corporate insolvency resolution process (CIRP) has been initiated against Supertech and moratorium under Section 14 of IB Code, 2016, has been declared.
Agarwal urged the top court to consider whether payments to be made to the remaining homebuyers of the twin towers should form part of the resolution process or whether the payments should be made by the company from the funds available (or which may become available in future), i.e., the said payments be kept out of the CIRP process?
Also, in case the payments are part of the CIRP process, will the amounts due to the homebuyers be included as a separate category in the proposed resolution plans so that homebuyers get the refund with interest from the successful resolution applicant?
The top court said it will protect the interest of homebuyers in the Supertech’s twin towers in Noida. It said that homebuyers should file their claims with the IRP and seek response from the IRP on the disbursal of their claims.
A note submitted in the top court by Agarwal said: “As per the information given by Supertech Ltd, out of 711 customers/units, the claims of 652 customers/units are settled/paid. Fifty-nine homebuyers still have to be refunded the amounts. The principal outstanding would be Rs 14.96 crore.”
The apex court is likely to next hear the matter in the first week of May.
National
Bengal Police unnecessarily creating panic over Ram Navami: BJP

Kolkata, April 2: A senior leader of BJP from West Bengal, on Wednesday, accused the West Bengal Police of creating unnecessary panic among common people over the forthcoming Ram Navami festival.
BJP’s former national vice-president and former party Lok Sabha member Dilip Ghosh said that the decision of the police authorities to cancel the leaves of all cops, except for emergency reasons, from April 2-9 was unnecessary.
“Such panic-driven decisions are prompted only during Hindu festivals. The police should take care of those who create trouble. Hindus are well organised and they perform their religious rituals peacefully. Lakhs of people participate in Durga Puja, and no tension is created. It has become a habit of the ruling party to create tension and panic,” Ghosh said.
He also said that the chances of untoward incidents over the Ram Navami processions will not be there if the police strictly handle those who want to create tension on the occasion.
Last week, two senior officials of West Bengal Police told media persons that they have got specific intelligence inputs on some vested interests trying to instigate violence in the coming days, especially targeting the forthcoming Ram Navami festival.
“There are plans to instigate people through different posters or posts. The police are on alert. There might be attempts to instigate tension among people from different communities, especially focusing on the occasion of Ram Navami. We requested people not to get instigated. There is no need to worry. But at the same time, we also request people to alert the local police in case they notice any suspicious activities in their respective areas,” said Additional Director General (South Bengal) Supratim Sarkar on March 29.
Recently, there were reports of communal clashes from Mothabari in Malda district.
Recently, the Leader of the Opposition in West Bengal, Suvendu Adhikari, said at least 2,000 rallies, big and small combined, will be brought out on the occasion of Ram Navami this year.
He also said that participants at the rallies on Ram Navami this year will be double compared to last year.
“Ram Navami will be celebrated this year in a major way. I will be there on the streets on that day. Last year, around 50 lakh Hindus were on the streets to participate in rallies on the occasion of Ram Navami. Last year, there were 1,000 rallies. This year there will be 2,000 rallies and around one crore Hindus will participate in those rallies this year,” he claimed.
International
Man rescued in Myanmar’s Nay Pyi Taw five days after earthquake

Yangon, April 2: A 26-year-old hotel staff member was rescued from the rubble of a collapsed hotel building in Myanmar’s Nay Pyi Taw on Wednesday, five days after the 7.7-magnitude earthquake struck the country, according to the State Administration Council’s information team.
Two people were trapped under the debris, and rescue teams from the Myanmar Fire Services Department and Turkey successfully pulled one survivor to safety, the information team said.
The operation at the hotel began at around 3:00 p.m. local time on Tuesday, and the man was rescued by approximately 00:30 a.m. local time on Wednesday, it said.
Efforts are ongoing to locate and rescue the remaining trapped individuals, media reported.
The death toll from the 7.7 magnitude earthquake in Myanmar has risen to 2,719, with approximately 4,521 people injured and 441 others still missing, said the country’s Prime Minister Min Aung Hlaing.
Meanwhile, Aung Hlaing, head of Myanmar’s junta, rejected ceasefire proposals from Ethnic Armed Organisations (EAOs) and declared a continuation of military operations.
This move directly affects humanitarian efforts as the casualties from the devastating earthquake escalate.
“Some ethnic armed groups may not be actively engaging in battles right now, but they are gathering and training in preparation for attacks. Since this is a form of aggression, the military will continue necessary defence operations,” Hlaing said during a fundraising event in Naypyidaw on Tuesday.
A powerful 7.7 magnitude earthquake, followed by a 6.4 magnitude aftershock minutes later, struck Myanmar’s Mandalay region on Friday, causing massive casualties and damage.
Myanmar announced on Monday a week-long mourning period following the earthquake that struck the nation and wrought widespread destruction.
As the earthquake left entire communities in ruins, reports suggest that concerns have arisen about the potential for Myanmar’s military junta to direct humanitarian funds to affected areas. It is stated that supplies are driven to the areas the junta favours rather than those most in need of help.
The United Nations and international aid organisations are struggling to respond to the devastating earthquake, which destroyed several cities such as Mandalay, Sagaing, and Naypyitaw, and displaced tens of thousands of people. The hospitals are trying to cope with the high influx of patients.
However, the United Nations, the US, India, the European Union, and several other nations and international organisations have sent aid and rescue efforts for earthquake victims in Myanmar.
The Indian Army and Navy mobilised their resources with unwavering resolve, providing both immediate rescue support and long-term aid to the affected communities.
National
Maha govt transfers seven bureaucrats in a minor reshuffle

Mumbai, April 2: In a minor reshuffle, the Maharashtra government on Wednesday transferred seven bureaucrats.
Nishi Pandey, an IAS officer of the 2001 batch, has been posted as Managing Director of Maharashtra Small Scale Industries Development Corporation.
Laxminarayan Mishra, an IAS officer of the 2012 batch, has been posted as Joint Managing Director of Maharashtra State Road Development Corporation.
Bharat Bastewad, an IAS officer of the 2013 batch and CEO of Raigad Zilla Parishad, has been appointed Commissioner of the Mahatma Gandhi National Rural Employment Guarantee Scheme at Nagpur.
Indurani Jakhar, an IAS officer of the 2016 batch, who is the Municipal Commissioner of Kalyan-Dombivali Municipal Corporation, has been posted as Collector, Palghar district.
Vasumana Pant, an IAS officer of the 2017 batch, who is Director General, VANAMATI, Nagpur, has been posted as Additional Municipal Commissioner, Nagpur Municipal Corporation.
Vaishnavi B, an IAS officer of the 2019 batch, who is Chief Executive Officer, Akola Zilla Parishad, has been posted as Additional Municipal Commissioner, Nagpur Municipal Corporation.
Neha Bhosle, an IAS officer of the 2020 batch, has been posted as Chief Executive Officer, Raigad Zilla Parishad.
Earlier, on March 25, the state government transferred five IAS officers.
The state government posted B. H. Palawe, an IAS officer of the 2013 batch, who is Chief Executive Officer, Zilla Parishad, Palghar, as the Managing Director, Maharashtra State Financial Corporation, Mumbai.
Manoj Ranade, an IAS officer of the 2014 batch and the Director of Municipal Administration, Mumbai, was appointed Chief Executive Officer, Zilla Parishad, Palghar.
Shubham Gupta, an IAS officer of the 2019 batch and the Municipal Commissioner of Sangli-Miraj-Kupwad City Municipal Corporation, was posted as Member Secretary, Vidarbha Statutory Development Board, Nagpur.
Anjali Ramesh, an IAS officer of the 2020 batch, after transfer of cadre from Madhya Pradesh, was appointed Chief Executive Officer, Zilla Parishad, Hindoli.
Zenith Chandra Deonthula, an IAS officer of the 2022 batch, who is Assistant Collector, Varora Sub-Division, Chandrapur, was posted as Project Officer, ITDP, Kinwat, and Assistant Collector, Kinwat Sub-Division, Nanded.
-
Crime3 years ago
Class 10 student jumps to death in Jaipur
-
Maharashtra6 months ago
Mumbai Local Train Update: Central Railway’s New Timetable Comes Into Effect; Check Full List Of Revised Timings & Stations
-
Maharashtra6 months ago
Mumbai To Go Toll-Free Tonight! Maharashtra Govt Announces Complete Toll Waiver For Light Motor Vehicles At All 5 Entry Points Of City
-
Maharashtra6 months ago
False photo of Imtiaz Jaleel’s rally, exposing the fooling conspiracy
-
National News6 months ago
Ministry of Railways rolls out Special Drive 4.0 with focus on digitisation, cleanliness, inclusiveness and grievance redressal
-
Crime6 months ago
Baba Siddique Murder: Mumbai Police Unable To Get Lawrence Bishnoi Custody Due To Home Ministry Order, Says Report
-
Maharashtra5 months ago
Maharashtra Elections 2024: Mumbai Metro & BEST Services Extended Till Midnight On Voting Day
-
National News6 months ago
J&K: 4 Jawans Killed, 28 Injured After Bus Carrying BSF Personnel For Poll Duty Falls Into Gorge In Budgam; Terrifying Visuals Surface