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Informist, Friday, Aug. 14, 2026

 

NEW DELHI – The Supreme Court has directed the Central Bureau of Investigation, Serious Fraud Investigation Office, and the Directorate of Enforcement to update the current status of proceedings concerning the erstwhile promoters, directors, and key managerial personnel of Supertech Ltd. and their related companies such as Supertech Realtors Pvt. Ltd. and Supertech Retails Pvt. Ltd. The status of the probe may have a bearing on the assets, transactions, and affairs presently under examination by the committees of these companies. The probe agencies will furnish copies of the seizure lists and of the seized records and documents to the committees of these companies within 15 days.

 

The top court said that status quo should be maintained with respect to the assets of Supertech Realtors and Supertech Retails, and these companies are restrained from selling, transferring, alienating, encumbering or creating any third-party rights in respect of its inventory presently in hand, in the insolvency proceedings against them. It will hear the case wherein it had asked the Central Bureau of Investigation to probe the real estate projects launched by Supertech Ltd. and other builders, on Oct. 10.

 

Approving the extraordinary general meeting of Supertech Retails, the top court directed the company's erstwhile directors Bijender Singh and Mohammad Tariq to be removed with immediate effect. The Supertech Retails committee's nominees retired judge M.M. Kumar, Rajeev Mehrotra and Anant Kumar have been appointed as directors of the company, said the court. The conduct of Supertech Retails' former directors raised serious questions of diversion of the company's assets to the detriment of its creditors and homebuyers, observed the top court.

 

Further, the initiation or continuation of proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 by CFM Asset Reconstruction Pvt. Ltd. against Supertech Realtors and its assets, including the Astralis Tower, will remain stayed, said the court. Supertech Realtors continues to be protected by the moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 and initiation or continuation of proceedings under the 2002 against the company or its assets during the subsistence of the moratorium would be impermissible, said the court.

 

Last year, the top court had ordered the probe agency to investigate projects to uncover the nexus between banks or financial institutions and builders-cum-developers, particularly in cases where homebuyers had paid substantial amounts, and the projects had not even been launched, or construction had not begun. The CBI had registered first information reports against Supertech and other builders in the case. The probe was ordered in a case where the apex court was hearing a batch of petitions from homebuyers about the disbursement of funds by banks to builders-cum-developers through subvention schemes for various housing development projects in the Delhi-National Capital Region. 

 

In 2023, the Enforcement Directorate had alleged that Chairman R.K. Arora was Supertech Ltd.'s main controlling person who decided to "divert" investors' and homebuyers' "worth crores of rupees to various shell companies". The Enforcement Directorate had filed a money laundering case against Supertech Ltd. and Arora. The case arose from as many as 26 first information reports registered by Delhi, Haryana and Uttar Pradesh police against Supertech Ltd. and its group companies on allegations of cheating 670 homebuyers to the tune of INR 1.64 billion.  End

 

Reported by Surya Tripathi

Edited by Avishek Dutta

 

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