Supreme Court orders completion of Supertech's stalled Supernova real estate project
Invoking Article 142, Supreme Court discharged Supertech's interim resolution professional (IRP), the committee of creditors, and the suspended board of directors, and constituted a three-member empowered committee to take over the management of the project.
The Supreme Court of India has invoked Article 142 of the Constitution to issue a series of steps to ensure the completion of the stalled Supernova real estate project in Noida, while its developer Supertech Realtors Pvt Ltd., is facing insolvency proceedings.
A CJI Surya Kant led bench has ordered that the resolution process shall be overseen by an empowered Court-appointed Committee (Committee) that will also discharge the functions of the Board of Directors. It will consist of
(a) Justice M. M. Kumar, former Chief Justice of the J&K High Court, former President NCLT and former Member, NHRC as Chairperson;
(b) Dr. Anoop Kumar Mittal, an expert in the field of construction, civil engineering and project management;
(c) Mr. Rajeev Mehrotra, an expert in the field of financial management;
The Chairperson shall have the discretion to appoint further member(s) to the Committee and reconstitute its strength, if he deems fit and in the interests of effectively implementing the project.
"The Committee shall appoint a suitable person to implement the approved project scheme and supervise its functioning. All operational decisions regarding the implementation of the approved plan shall be taken by the Committee in discharge of its functions as the Board of Directors....The Committee should appoint a new developer after inviting proposals and due vetting, keeping in mind the time bound proposal, track record, experience and financial viability of such a new developer. We make it clear that any developer associated with or related to the Corporate Debtor or the erstwhile management shall not be allowed to participate in the process. It is clarified that all the receivables, unsold inventory and fresh collections from buyers must be deposited in an escrow account and shall be used for construction purposes only", the order adds.
Notably, keeping in mind the responsibilities and duties that would be shouldered by the Committee, Court has ordered that the Chairperson of the Committee shall be entitled to honorarium of Rupees Ten Lakhs per month in addition to travelling, boarding, if any, and other miscellaneous expenses that may be incurred in the course of discharging the assigned responsibilities.
As the seat of the Committee shall be New Delhi, Supertech has been asked to provide the requisite office space, personnel and infrastructural support at the direction of the Chairman of the Committee. The Honorarium and other expenses payable to the Committee shall also be borne by Supertech.
The following additional directions have also been passed:
1. The Committee shall act in consultation with various stakeholders, namely, the Consortium of Banks, other financial creditors, home buyers, and authorities such as NOIDA, among others. However, we make it clear that the decision of the Committee shall be final and binding on all the parties.
2. The development authorities, including NOIDA, are directed to process all approvals and licenses expeditiously without demanding the previous dues to be cleared. This includes the registration of sub-lease deeds by NOIDA for the remaining 497 apartments (out of 582), provided full payments have been made.
3. There shall be a “zero period” in respect of payment of dues owed to the NOIDA Authority and the financial lenders. Accordingly, no payments shall be made to these entities until completion of the project and handing over of the dwelling units to the home buyers. During this period, the NOIDA Authority and the financial lenders shall not initiate or continue any coercive action against home buyers who have paid the consideration for their respective dwelling units. Upon completion of the project, any surplus generated shall be utilized towards the satisfaction of the dues of the financial lenders and the NOIDA Authority.
4. The Committee has to appoint a reputed and experienced entity to conduct a forensic audit of the accounts of Supertech and its parent company.
It has further been ordered that if the Chairperson of the Committee, deems fit, he may also appoint a Member Secretary cum Nodal Officer of the Committee who shall be entitled to honorarium of Rupees Two Lakhs per month in addition to travelling, boarding if any, and other miscellaneous expenses that may be incurred in the course of discharging the assigned responsibilities
Case Title: Ram Kishor Arora Vs Bank of Maharashtra
Bench: CJI Kant and Justice Bagchi
Order Date: December 16, 2025