Realty developer Supertech, which has several ongoing projects in Delhi and NCR region, was declared insolvent by National Company Law Tribunal (NCLT), news agency PTI reported.
A Delhi bench of NCLT has admitted the plea of Union Bank of India over non-clearance of dues. This is the second major setback for Noida-based developer in the last one year.
The realty firm was already in the process of demolishing its two towers in Noida.
The Supreme Court had ordered the demolition of Supertech’s Apex (100 metre) and Ceyane (97 metre) on August 31 last year as the twin towers had come up in violation of building norms.
While directing the demolition of two towers over grave violations of building norms, the top court had said that it wa…
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