The Supreme Court has restrained Supertech Realtors and its suspended director Ram Kishore Arora from creating any third-party rights in the company’s flagship ‘Supernova’ project in Noida, while directing full cooperation with the insolvency resolution process.

The court also impleaded the Noida Authority as a party in the matter, after concerns were raised by homebuyers over property registrations and potential alienation of units.

Supertech Realtors is a wholly-owned subsidiary of the beleaguered realty major Supertech Ltd, which is facing insolvency proceedings and is constructing a mixed-use real estate project ‘Supernova’ consisting of residential, commercial, office space, studio apartment, service apartment and shopping centres in Sector 94 of Noida.

The building under the project is believed to comprise 80 floors, being the tallest building in Delhi-NCR with a 300-metre height.

A bench of Justices Surya Kant, Ujjal Bhuyan and N Kotiswar Singh also impleaded the Noida Authority as one of the parties in the matter.

“The appellant (suspended director Ram Kishore Arora) and his associates are restrained from alienating and/or creating third party rights in the subject property,” the bench directed.

On being pointed out by advocate Rajiv Jain that Supertech Realtors has not been cooperating with the interim resolution professional (IRP) appointed by the national company law tribunal, the bench said, “The appellant is directed to cooperate with the IRP and provide full assistance/records, as may be required.”

It added that the soft copy of the entire record to be provided by the appellant to the IRP shall also be supplied to the amicus curiae.

The bench further said that the IRP may, meanwhile, complete the statutory requirements as may be required, with advance notice to the amicus curiae.

At the outset, senior advocate K Parmeshwar along with advocate Govind Jee, appearing for Supernova Apartment Owners Association (SNAOA), pointed out that since registry of properties and flats of home buyers involve Noida Authority, hence, it should be made a party.

Parmeshwar and Govind Jee also flagged that Supertech Realtors may be delineating some of the properties in the project.

The bench accepted the arguments and allowed the interlocutory application of SNAOA.

Senior advocate Gaurav Bhatia, also appearing for another group of home buyers, submitted that the Supernova project is 70 per cent complete and it cannot be compared with other real estate projects, where a court-monitored resolution process was adopted.

Justice Surya Kant told Bhatia that the court was well aware of the fact and that is why it had suggested forming a committee to bring in a co-developer in a transparent manner, who could infuse some funds in the project. Otherwise, it was a fit case where the entire project would have landed with the CBI for investigation, he added.

The top court allowed other interlocutory applications and listed the matter for further hearing on October 8.

It allowed Arora and the Supertech Realtors to file their response to the report submitted by the amicus.