Case Details

Case Name: Ram Kishor Arora Suspended Director of Supertech Ltd. vs Union Bank of India & Anr

Court/Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi

Case Number: Company Appeal (AT) (Ins) No. 406 of 2022 with I.A. No. 1589, 2250, 2251, 2760, 2762 of 2026

Date of Order: 06.05.2026

Period of Proceedings: CIRP commenced on 25.03.2022, ongoing proceedings since

Parties Involved

Petitioner: Ram Kishor Arora (Suspended Director of Supertech Ltd.)

Respondents: Union Bank of India & Others including various financial institutions, land authorities, and homebuyer associations

Key Entities: Supertech Ltd (Corporate Debtor), NBCC (India) Ltd, Union Bank of India, L&T Finance Ltd, IFCI Ltd, Noida Authority, Greater Noida Industrial Development Authority (GNIDA), Yamuna Expressway Industrial Development Authority (YEIDA)

Regulators/Authorities: NCLAT, Supreme Court of India, IBBI

Amicus Curiae: Shri Rajiv Jain with supporting advocates

Issues / Allegations / Violations

  • The Corporate Insolvency Resolution Process (CIRP) of Supertech Ltd commenced on 25.03.2022 by NCLT order
  • Interim Resolution Professional (IRP) Hitesh Goel was suspended by IBBI on 30.03.2026 for two years, effective after 30 days, creating operational paralysis
  • The suspension threatened completion of 16 projects entrusted to NBCC and management of approximately 30 total Supertech projects
  • The matter involves protection of homebuyer interests across multiple delayed real estate projects
  • Land authorities (Noida, GNIDA, YEIDA) have outstanding claims exceeding ₹27,000 crores

Findings & Observations

  • The Hon'ble Supreme Court in its order dated 20.04.2026 directed NCLAT to consider whether a Court-constituted Committee should manage all Supertech projects or only the 16 NBCC projects
  • Primary consideration is protecting homebuyer interests who have waited over two decades for residential units
  • Claims of secured creditors, operational creditors, and land authorities are to be considered secondary to homebuyer interests
  • The existing framework under NCLAT's 12.12.2024 order (upheld by Supreme Court on 05.02.2026) needs modification due to IRP suspension
  • NBCC's continued participation in committees is essential for coordination despite being a stakeholder
  • Financial institution representation remains necessary for funding decisions

Penalties / Settlements / Directions

Key Appointments:

  • Justice Krishna Murari, former Judge of Supreme Court of India, appointed as Chairman of Apex Court Committee
  • Remuneration fixed at ₹10 lakhs per month based on Supreme Court precedent
  • NCLT directed to appoint new IRP with real estate resolution experience

Committee Modifications:

  • Apex Court Committee mandate extended to all Supertech projects (16 NBCC + non-16 projects)
  • IRP (when appointed) will serve as Secretary to Apex Court Committee
  • Quorum requires attendance of Chairman and at least one financial institution nominee
  • Apex Court Committee authorized to appoint financial advisors and personnel

Operational Changes:

  • Construction commencement deadline extended to 01.10.2026 (from 01.05.2025)
  • Conditions II, III, V, VI to be completed by 31.07.2026
  • Fund allocation rules modified: 30% of projected cash flows to be allocated under Apex Court Committee directions
  • Accounts to be operated by authorized personnel until IRP appointment

Stakeholder Directions:

  • Promoters prohibited from interfering but must provide cooperation and information
  • Land authority claims remain secondary to homebuyer interests
  • Corporate Debtor to provide infrastructure for committee functions

Corrective Actions & Future Obligations

  • Status reports required within two weeks for non-16 NBCC projects to determine resolution methodology
  • Apex Court Committee to supervise all project finances, approvals, and construction monitoring
  • Project-wise accounts to be maintained with joint signatory requirements
  • Separate account "NBCC (I) Ltd. – Supertech Unfinished Project" to be operated under Apex Court Committee direction
  • NBCC to obtain ₹100 crores financing for project completion
  • Monthly construction and sales updates required from NBCC
  • Ongoing reporting obligations to NCLAT and Supreme Court

Final Ruling & Enforcement

  • The Court-constituted Committee (Apex Court Committee) is to manage affairs of ALL Supertech Ltd projects, not just the 16 NBCC projects
  • The order modifies the 12.12.2024 NCLAT order as directed by Supreme Court
  • Parties permitted to seek further clarifications/modifications as needed
  • Order to be placed before Hon'ble Supreme Court in compliance with 20.04.2026 directions
  • Liberty granted to stakeholders to file objections/suggestions regarding non-16 projects resolution