Embattled real estate developer Supertech Ltd, which has been under insolvency proceedings since March 2022, has delivered possession of 6,121 apartments across 16 of its under-construction housing projects over the last three years, according to former chairman RK Arora.

These deliveries, made under the supervision of a resolution professional appointed by the National Company Law Tribunal (NCLT), come at a time when nearly 15,000 more flats remain pending in projects spread across Noida, Greater Noida and Meerut.

The debt-ridden company, which is pursuing a joint resolution plan with Apex Heights Pvt Ltd involving a proposed infusion of ₹500 crore, is seeking approval from the Supreme Court to complete all 16 projects within the next two years.

The appellate tribunal, in the June 2022 order, directed the formation of a committee of creditors (CoC) only in respect of one project, ‘Eco Village-II’. And all other projects would be completed by the previous management under the supervision of the interim resolution professional (IRP).

The company is targeting to deliver 1,000 more flats in the next 3 months.

Further, Arora said the company and Apex Heights Pvt Ltd have jointly submitted a resolution plan before the Supreme Court for approval to undertake all 16 under-construction projects as co-developers of the project.

As per the plan, Apex Heights will infuse ₹500 crore over a period of 12 months to complete the construction activities, handing over of the units to the allottees, repayments to the lenders and land authorities, Arora said.

The projects are likely to be completed in two years if the Supreme Court allows the joint resolution plan, he added.

Last month, the NCLAT cleared the way for insolvency proceedings against the Supertech Group firm, Supertech Realtors, which is developing the ‘Supernova project’ in Noida, comprising residential apartments, offices, retail space, and a luxury hotel.