Supertech declared insolvent, move may impact 25,000 homebuyers

Real estate developer Supertech, which has several ongoing projects in Noida, Gurugram and Ghaziabad, has gone into insolvency, Moneycontrol reported. On Friday, the National Company Law Tribunal ordered initiation of insolvency proceedings based on a petition filed by Union Bank of India for non-payment of dues. The order may impact over 25,000 buyers who were awaiting possession of their homes.