Supertech Declared Insolvent, Home Buyers Affected

Property developer Supertech Ltd collapsed after the national Company Law Tribunal sent a petition filed by Union Bank of India for non-payment of dues. A statement released by Supertech cleared company's projects as financially viable, assuring no loss to buyers. Approximately 25,000 homebuyers are awaiting possession after insolvency. Furthermore, the company said, "The order will not affect operations of any other Supertech Group Company" Hitesh Goel will take-charge of insolvency.