Apex Heights Pvt. Ltd. Vs Ram Kishor Arora & Anr. (Supreme Court of India)
The Supreme Court considered appeals arising from the judgment dated 12.12.2024 of the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, passed in an interim application in Company Appeal (AT)(INS) No. 406/2022. The NCLAT order had arisen from the National Company Law Tribunal’s (NCLT) order dated 25.03.2022 admitting an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), filed by Union Bank of India against M/s. Supertech Limited.
The corporate debtor, M/s. Supertech Limited, was engaged in developing multiple residential and commercial real estate projects in Noida, Greater Noida, Yamuna Expressway, Gurugram and other locations. The projects, largely launched between 2010 and 2012, remained incomplete, leading to defaults towards financial creditors and initiation of insolvency proceedings. The dispute before the Supreme Court concerned sixteen unfinished projects identified in the proceedings.
The material before the Court showed differing figures regarding the number of residential units. The management of Supertech stated that the projects comprised approximately 40,000 residential units, whereas counsel for homebuyers submitted that the number exceeded 51,000. It was also stated that some units had already been completed and handed over before commencement of insolvency proceedings in 2022, while additional units were transferred during the pendency of the appeals after the Supreme Court stayed the NCLAT order on 21.02.2025.
