Noida: Supreme Court puts Supertech Retails under Supernova panel

Supertech Retails, which holds Astralis Tower, will now be managed by the court-appointed committee overseeing Noida’s stalled Supernova project.

In an August 11 order, the Supreme Court removed Bijender Singh and Mohammad Tariq as directors of Supertech Retails. It appointed former justice MM Kumar, Rajeev Mehrotra and Anant Kumar, who are members of the empowered committee, as directors instead.

The company cannot sell, transfer, encumber or create third-party rights over its assets without the committee’s prior written approval.

The court said Supertech Retails, a wholly owned subsidiary of Supertech Realtors Pvt Ltd (SRPL), could not remain outside the committee’s oversight while SRPL is in insolvency proceedings. The court noted concerns about a possible diversion of SRPL assets and said Astralis Tower had been built using SRPL funds. The restriction also covers inventory dealt with after June 12, 2024, when SRPL’s insolvency process began.

The Noida Authority has been directed to file an affidavit on the 2018 sub-lease and the additional floor area ratio approved for Astralis Tower. The case is listed for October 1.