Supertech Sports Village Knowledge Park V Greater Noida, Greater Noida

Supertech Limited was allotted land by the UP Government to develop Sports Village in Knowledge Park, Greater Noida (West). The project is dedicated to sports enthusiasts and includes sports academies run by Sania Mirza, Shikhar Dhawan, Jyoti Randhawa, Pullela Gopichand and Gagan Narang. The project is part of Sports Republik, spread across 175 acres, with 70% dedicated to sports activities and 30% to residential and commercial development.

Supertech received environmental clearance for its Sports Village housing project in Greater Noida, with an investment of Rs 1,130 crore. The 62-acre project in Sector 27, Greater Noida (west), also known as Noida Extension, was scheduled to be launched during Diwali and completed in four years. The project will have 4,228 flats and 400 villas, along with a nine-hole golf course in a 25-acre area.

A homebuyer booked a flat in Supertech Sports Village in Greater Noida in July 2017, with the promise of completion by the end of 2019; however, construction only began at the end of 2020. In March 2022, NCLT declared Supertech bankrupt, initiating insolvency proceedings. The buyer was later told that the flat could be shifted to Eco Village 2.

Residents of Supertech Ecovillage phase 1, 2 and 3 in Greater Noida protested against the builder and local authorities for the delay in the registry of their flats due to ongoing disputes between the builder and authorities. The residents claimed that the registry of their apartments has been suspended due to the ongoing issue of dues between the builder and the authorities.

The National Company Law Appellate Tribunal (NCLAT) limited the insolvency proceedings against Supertech to the Eco Village II project, allowing the developer to continue construction on other projects. The proceedings were initiated due to a default of Rs 431 crore to a consortium of banks.

In March 2022, the National Company Law Tribunal (NCLT) declared Supertech bankrupt and initiated insolvency proceedings following a petition by Union Bank of India for non-payment of dues. Supertech challenged the order, stating it had arranged funding of up to Rs 1,600 crore for project completion.

In accordance with the directives issued on May 31, 2024, the Interim Resolution Professional (IRP) released a list of creditors associated with the Sports Village project. The list includes land authorities and allottees/homebuyers.

NBCC proposed to the Supreme Court to complete 17 stalled Supertech projects, including Sports Village, in three phases. NCLAT has asked the 27,000 homebuyers and other stakeholders to submit objections, if any, to a proposal by NBCC to complete the stalled projects of Supertech Ltd.

The Supreme Court allowed the NCLAT to examine a proposal by NBCC to complete 17 stalled Supertech projects. The proposal includes completing Eco-Village-2, Romano, Capetown, Czar suites, Eco-village-3, Sports Village and Eco-citi in the first phase.

The National Company Law Appellate Tribunal (NCLAT) appointed NBCC to take over and complete 16 delayed housing projects of Supertech Ltd, including Sports Village. The order was delivered by an NCLAT bench led by chairman Justice Ashok Bhushan and member technical Barun Mitra.

Construction contractors of Supertech Limited staged a protest against the management for not paying their bills, and have filed a plea before the National Company Law Appellate Tribunal (NCLAT) demanding payment of about ₹150 crore. Supertech employees also sought help from the tribunal to get their salaries released.

The Supreme Court stayed the NCLAT order that appointed NBCC to take over the Supertech projects. The court will examine whether the NCLAT followed the procedure under the Insolvency and Bankruptcy Code while appointing the NBCC as a project management consultant to complete the housing projects.

The Supreme Court upheld an NCLAT order asking NBCC to complete 16 housing projects of Supertech Limited expeditiously. The court also restrained all tribunals and high courts from passing any order that may lead to the stalling of the construction work to be completed by the National Buildings Construction Corporation.