NEW DELHI: Realtor Supertech, which has undertaken several projects in Noida, Gurugram, Ghaziabad, and Greater Noida, was declared bankrupt on Friday by the National Company Law Tribunal (NCLT) for defaulting on payment of Rs 431 crore to a consortium of banks. The move could have a bearing on 11,000 home buyers of the firm's ongoing projects in the NCR region.
What happened: The action came after the Union Bank of India took the RK Arora-promoted company to the tribunal as the builder — whose two illegal towers are being demolished in Noida — defaulted in repaying loans to the state-run lender. The loan had been availed for Eco Village II project in Greater Noida.
