Noida: The Supertech twin tower in Noida came crashing down within a span of nearly nine seconds after the use of 3,700 kg explosives on Sunday, thus ending a nine-year-long legal battle. The towers, Apex (32 floors) and Ceyane (29 floors), which are taller than the Qutub Minar in the... The post appeared first on .

Noida: The Supertech twin tower in Noida came crashing down within a span of nearly nine seconds after the use of 3,700 kg explosives on Sunday, thus ending a nine-year-long legal battle. The towers, Apex (32 floors) and Ceyane (29 floors), which are taller than the Qutub Minar in the... The post appeared first on .

Noida (Uttar Pradesh) [India], August 28 (ANI): The Supertech twin towers in Noida came crashing down within a span of nearly nine seconds after the use of 3,700 kg explosives on Sunday, thus ending a nine-year-long legal battle.

Noida (Uttar Pradesh) [India], August 28 (ANI): With Noida's twin towers all set to be demolished today, it's time to take a look at the story from their rise to imminent fall, ahead of the implosion scheduled at 2.30 pm.

New Delhi Mar 25 PTI Real estate developer Supertech Ltd on Friday was declared bankrupt by the National Company Law Tribunal NCLT a move that could have a bearing on more than 10000 home buyers of the firms ongoing projects in the Delhi and NCR region Acting on a petition filed by the Union Bank of India for non-payment of around Rs 432 crore worth dues the bankruptcy court ordered the initiation of insolvency proceedings against real estate firm Supertech Ltd one of the companies of Supertech group The NCLT said there has been a default in payment of the financial debt and appointed Hitesh Goyal as the Interim Resolution Professional IRP superseding the board of Supertech Ltd A two-member NCLT bench comprising P S N Prasad and Rahul Bhatnagar said the documents submitted by the financial creditor Union Bank of India as well as the corporate debtor Supertech had substantiated the formers claim that there was a debt on which the builder had defaulted In light of the above discussion after giving careful consideration to the entire matter hearing arguments of the parties and upon the appreciation of the documents placed on record to substantiate the claim this tribunal admits this petition and initiates CIRP on the corporate debtor with immediate effect the NCLT said CIRP refers to Corporate Insolvency Resolution Process CIRP Supertech Ltd has 38041 customers and out of them homes have been delivered to 27111 people As many as 10930 homes are yet to be delivered and among them over 70 per cent construction is complete with respect to over 8000 homes according to Supertech Group Managing Director Mohit Arora The tribunal has also directed the IRP to make a public announcement in this regard and declared a moratorium against the company as per the provision of the Insolvency Bankruptcy Code Moratorium will continue till a resolution plan is approved and during that period no new cases or claims can be filed against the company in any court of law tribunal arbitration panel or any other authority Apart from this Supertech is also barred from transferring encumbering alienating or disposing of any assets This is the second major setback for Noida-based developers in the last one year On August 31 last year the Supreme Court had ordered the demolition of Supertech Ltds twin 40-storeyed towers which are part of the under-construction Emerald Court project in Noida for violation of building norms Supertech Group said it would challenge the order before the National Company Law Appellate Tribunal NCLAT In the matter of appointment of IRP in one of the Supertech Group companies by the NCLT management of the company stated that the company will be approaching NCLAT in an appeal against the order Supertech Group said in a statement However it also added the NCLT order will not affect operations of other companies of the Supertech Group The NCLT order will not impact the construction at all ongoing projects or operation of the company and we are committed to giving delivery of units to allottees it said When contacted Arora said there are around 11-12 housing projects in the Supertech Ltd against which insolvency proceedings have been initiated Around 90 per cent of these projects are completed The projects that will be impacted include Eco Village I II and III in Greater Noida West known as Noida Extension as well as the Emerald Court project which houses the twin towers The debt of Supertech Ltd is around Rs 1200 crore including nearly Rs 150 crore loans from Union Bank of India he added According to Arora there are three-four other companies in the group that are developing many projects across Delhi-NCR including luxury project Supernova The default pertains to the loan given by Union Bank of India to Eco Village II project at Greater Noida West in Uttar Pradesh which was being developed at a cost of Rs 110645 crore In 2013 Supertech Ltd had approached various financial institutions to avail a credit facility of Rs 350 crore from a consortium of banks and out of them Union Bank of India the lead bank had an exposure of Rs 150 crore A loan agreement was executed between the banks and Supertech on December 30 2013 Later loan account of banks which was maintained by Supertech in respect of credit line became highly irregular with repeated defaults in payment of principal and interest Finally a notice was sent on April 24 2019 and Supertech again failed to pay and Union Bank of India moved the NCLT Supertech had opposed the plea contending that it was filed by the lenders with the authority and as per the clauses of their inter credit agreement lenders are restricted to initiate any action of winding up liquidation bankruptcy insolvency or dissolution of the borrower Moreover NPA classification of their account was contrary to the guidelines issued by RBI as per the realty firm contended Rejecting the argument the NCLT said Supertech had submitted a one time settlement proposal which was not accepted by the financial creditor The counsel for the corporate debtor has therefore admitted the debt and default it said Many real estate companies are facing insolvency proceedings including Jaypee Infratech and Mumbai-based HDIL Amrapali group and Unitech group have also defaulted in delivering many projects particularly in Delhi-NCR affecting thousands of homebuyers The government has taken over the management control of Unitech while NBCC under the supervision of the apex court is completing stalled projects of Amrapali PTI KRH MJH ANZ RAM MR

New Delhi Mar 25 PTI Real estate developer Supertech on Friday was declared bankrupt by the National Company Law Tribunal NCLT a move that could have a bearing on 25000 home buyers of the firms ongoing projects in the Delhi and NCR region Acting on a petition filed by the Union Bank of India for non-payment of around Rs 432 crore worth dues the bankruptcy court ordered the initiation of insolvency proceedings against real estate firm Supertech Ltd one of the companies of Supertech group The NCLT said there has been a default in payment of the financial debt and appointed Hitesh Goyal as the Interim Resolution Professional IRP superseding the board of Supertech Ltd A two-member NCLT bench comprising P S N Prasad and Rahul Bhatnagar said the documents submitted by the financial creditor Union Bank of India as well as the corporate debtor Supertech had substantiated the formers claim that there was a debt on which the builder had defaulted In light of the above discussion after giving careful consideration to the entire matter hearing arguments of the parties and upon the appreciation of the documents placed on record to substantiate the claim this tribunal admits this petition and initiates CIRP on the corporate debtor with immediate effect the NCLT said CIRP refers to Corporate Insolvency Resolution Process CIRP Supertech Ltd has 38041 customers and out of them homes have been delivered to 27111 people As many as 10930 homes are yet to be delivered and among them over 70 per cent construction is complete with respect to over 8000 homes according to Supertech Group Managing Director Mohit Arora The tribunal has also directed the IRP to make a public announcement in this regard and declared a moratorium against the company as per the provision of the Insolvency Bankruptcy Code Moratorium will continue till a resolution plan is approved and during that period no new cases or claims can be filed against the company in any court of law tribunal arbitration panel or any other authority Apart from this Supertech is also barred from transferring encumbering alienating or disposing of any assets This is the second major setback for Noida-based developers in the last one year On August 31 last year the Supreme Court had ordered the demolition of Supertech Ltds twin 40-storeyed towers which are part of the under-construction Emerald Court project in Noida for violation of building norms Supertech Group said it would challenge the order before the National Company Law Appellate Tribunal NCLAT In the matter of appointment of IRP in one of the Supertech Group companies by the NCLT management of the company stated that the company will be approaching NCLAT in an appeal against the order Supertech Group said in a statement However it also added the NCLT order will not affect operations of other companies of the Supertech Group The NCLT order will not impact the construction at all ongoing projects or operation of the company and we are committed to giving delivery of units to allottees it said When contacted Arora said there are around 11-12 housing projects in the Supertech Ltd against which insolvency proceedings have been initiated Around 90 per cent of these projects are completed The debt of Supertech Ltd is around Rs 1200 crore including nearly Rs 150 crore loans from Union Bank of India he added According to Arora there are three-four other companies in the group that are developing many projects across Delhi-NCR including luxury project Supernova The default pertains to the loan given by Union Bank of India to Eco Village II project at Greate Noida West in Uttar Pradesh which was being developed at a cost of Rs 110645 crore In 2013 Supertech Ltd had approached various financial institutions to avail a credit facility of Rs 350 crore from a consortium of banks and out of them Union Bank of India the lead bank had an exposure of Rs 150 crore A loan agreement was executed between the banks and Supertech on December 30 2013 Later loan account of banks which was maintained by Supertech in respect of credit line became highly irregular with repeated defaults in payment of principal and interest Finally a notice was sent on April 24 2019 and Supertech again failed to pay and Union Bank of India moved the NCLT Supertech had opposed the plea contending that it was filed by the lenders with the authority and as per the clauses of their inter credit agreement lenders are restricted to initiate any action of winding up liquidation bankruptcy insolvency or dissolution of the borrower Moreover NPA classification of their account was contrary to the guidelines issued by RBI as per the realty firm contended Rejecting the argument the NCLT said Suptech had submitted a one time settlement proposal which was not accepted by the financial creditor The counsel for the corporate debtor has therefore admitted the debt and default it said PTI KRH MJH ANZ RAM

Noida Aug 31 PTI With the Supreme Court ordering demolition of Supertechs 40-storey illegal twin towers in Noida Sector 93 residents of the realty firms Emerald Court on Tuesday said the truth has prevailed and their faith in the apex court has grown stronger Buyers who have invested their money in these towers however hoped their interest would be protected even as the Supertech Group said it would be filing a review petition in the case Emerald Court residents heaved a sigh of relief that their decade-long legal battle came to an end with the top court ordering the demolition of the two illegal high-rise towers on their premises Residents said the housing project has 660 flats across 15 towers but in 2009 work started on the twin towers coming up in the violation of building by-laws but they were told the construction was part of a separate project We however insisted on seeing drawings and approvals of the project which appeared to be huge and against rules stipulating a certain distance between two such structures After several efforts we got to see the drawings and were shocked after realising that we were being taken for a ride by the builder with brazen violation of rules S K Sharma former president of Emerald Courts RWA told PTI After this some of the residents in 2012 moved the Allahabad High Court which ordered the demolition of the two towers two years later but the realtor challenged it in the Supreme Court An apex court bench of Justices D Y Chandrachud and M R Shah Tuesday said the April 11 2014 verdict of the Allahabad High Court does not deserve any interference Truth has prevailed and our faith in the Supreme Court has grown stronger We had knocked all other doors over the years as we went against the influential builder the 74-year-old Sharma said Another resident of Emerald Court whose husband was part of the RWAs legal committee said the top courts order has come as a victory for all residents who stood against wrong being done Theres no doubt that my husband would have been very happy with this decision of the court she said recalling her husband as a brave man who fought injustice for around a decade before succumbing to COVID-19 this yearHailing the verdict the RWAs current president Rajesh Rana said the top courts order has sent residents of Emerald Court on cloud nine after a long-fought legal battleWe had knocked the door of the judiciary with hope for justice and justice has been done We are thankful to the court and have our faith reaffirmed in judicial system Rana told PTI While the Supertech Group said it would file a review petition in the case investors of the twin-towers hoped their interests would be protected On the one hand while it looks like a closure of a long-pending issue on the other it is going to be a big loss for those who have invested in these towers I hope their interests and their hard-earned money invested in these flats are protected a buyer who bought an apartment in one of the towers in 2009 told PTI Meanwhile Noida and Greater Noida residents bodies hailed the top court order which slammed the local development authority for colluding with the builder Noida Federation of Apartment Owners Associations NOFAA president Rajiva Singh hailed the SC order as indeed a landmark judgment and a great win not only for the Emerald Courts RWA team but the families of the entire home buyers community The judgment leaves the buyers with immense confidence in the legal system of the country This should be the beginning for the much-needed corrections in the system the way our developers and the governing bodies operate Singh said Manish Kumar of the Noida Extension Flat Owners Welfare Association NEFOWA said the order is in favour of the residents and a great blow to Supertech Ltd and Noida Authority The order also states that action is to be taken against erring officials of the Noida Authority and whosoever is found or named guilty must be prosecuted and penalised heavily Kumar said The apex court has directed that the twin towers be demolished within three months and all demolition expenses are borne by Supertech The Noida Authority also said it would ensure full compliance of the SC order and ensure action against its officials and those of the real estate group who are found guilty of violations in the episode that occurred between 2004 and 2012 PTI KIS RAX RAX

New Delhi Aug 31 PTI The Supreme Court Tuesday pointed out multiple incidents of collusion of NOIDA officials with realty major Supertech Ltd and violations of norms by the builder in construction of twin 40-storey towers in its Emerald Court projectA bench of Justices D Y Chandrachud and MR Shah directed that the twin towers be demolished within three months and refund be made to all the existing home buyers with interest of 12 per centThe top court noted that the two towers Apex T-16 and Ceyane T-17 of Emerald Court Project of Supertech situated in sector 93A of NOIDA together have 915 apartments and 21 shops Of these 633 flats were booked initiallyOf the 633 people booking the flats initially 133 have moved out to other projects 248 have taken refunds and 252 home buyers still have bookings with the company in the projectThe record of this case is replete with instances which highlight the collusion between the officers of NOIDA with the appellant and its management The case has revealed a nefarious complicity of the planning authority in the violation by the developer of the provisions of law the bench saidThe complicity of NOIDA has emerged in several instances including in the sanctioning of the second revised plan on November 26 2009 in clear breach of the Noida Building Regulations 2006 it saidThe refusal by NOIDA to disclose the building plans to the first respondent Residents Welfare Association in spite of a clear stipulation consistently in all the sanctioned plans that the plan would have to be displayed at the construction site of the appellant the bench saidIt said one of such instance of collusion includes NOIDAs referral of RWAs request to access the sanctioned plans to the builder to seek its consent and upon the refusal of the latter a continuous failure to disclose them to the residentsEven when the Chief Fire Officer CFO addressed a communication to NOIDA in regard to the violation of the minimum distance requirements in Emerald Court it evinced no response and no investigation from them the bench saidIt said that in pursuance of the second revised plan of September 26 2009 Supertech Ltd appeared to have built a foundation to support two buildings of forty and thirty-nine floors while the sanction for the extension from twenty-four to forty or thirty-nine floors came about only on March 2 2012 through the third revised planThe construction for T-16 and T-17 commenced in July 2009 by the appellant five months before the sanction was received for the second revised plan on November 26 2009 in spite of which NOIDA chose to take no action the bench saidIt said the Allahabad High Court has dealt with the collusion between the officials of NOIDA and the Supertech Ltd This is writ large from the facts as they have emerged before this Court as well The High Court has in these circumstances correctly come to the conclusion that there was collusion between the developer and the planning authorityThe top court said that NOIDA made no effort to ensure compliance of the UP Apartments Act 2010 as a result of which the rights of the flat purchasers have been brazenly violatedThis cannot point to any conclusion other than the collusion between NOIDA and the appellant to avoid complying with the provisions of the applicable statutes and regulations for monetary gain at the cost of the rights of the flat purchasers it saidThe bench in its 140-page verdict said that once this Court has determined that the sanctioned plan for Apex and Ceyane T-16 and T-17 breached the Noida Building Regulations NBR 2006 2010 and National Building Code 2005 and other provisions it becomes its duty to take stock of the violations committed by the Supertech Ltd in collusion with NOIDA The appellant Supertech Ltd raised false pleas and attempted to mislead this Court while the officials of NOIDA have not acted bona fide in the discharge of their duties The appellant has stooped to the point of producing a fabricated sanctioned plan the bench said It said Therefore we confirm the directions of the High Court including the order of demolition and for sanctioning prosecution under Section 49 of the UPUD Act as incorporated by Section 12 of the UPIAD Act 1976 against the officials of the appellant and the officers of NOIDA for violations of the UPIAD Act 1976 and UP Apartments Act 2010 PTI MNL SA