Supreme Court reserves order on bid to bring Supertech Retails into Noida Supernova proceedings

The Supreme Court has reserved its order on whether a court-appointed committee can seek control of Supertech Retails, the subsidiary operating Astralis Tower at Noida’s Supernova project.

The committee, led by former high court judge MM Kumar, has sought replacement of the company’s management and a forensic audit. It has alleged that a forensic review found continuing diversion of assets from Supertech Realtors Pvt Ltd (SRPL), the former developer of Supernova, through Supertech Retails.

Ram Kishore Arora, Supertech Group’s erstwhile developer, opposed the move. He told the court that Supertech Retails is a going concern, is not itself in insolvency and paid more than ₹342 crore to Indiabulls Asset Reconstruction Company on SRPL’s behalf. Chief Justice of India Surya Kant told the subsidiary that it was an “alter ego of the promoter”.

For buyers, the central concern remains completion. Lawyers representing homebuyers said ₹8 crore had been spent in eight months on committee salaries and forensic-audit consultancy, while construction had not progressed. Of 2,863 sold housing units, possession has been given for 1,121. The committee was formed to oversee completion and identify a developer for the project.