Supreme Court Contemplating Transparent Completion of Supernova Project

The Supreme Court is considering forming a committee to ensure transparency in the completion of Supertech Realtors' Supernova project, amid ongoing insolvency proceedings. The Court highlighted the need to protect homebuyers' interests and directed Supertech Realtors to post updates on its website, inviting suggestions for a smooth process.

The Supreme Court may establish a committee to supervise the completion of the Supernova project, managed by Supertech Realtors amid ongoing insolvency issues. This measure aims to ensure transparency and safeguard homebuyers' interests, according to the Court's deliberations on Thursday.

The construction, which includes residential apartments, office spaces, and a luxury hotel, has been stalled. The project, located in Noida and costing Rs 2,326.14 crore, touts an 80-floor building as the tallest in Delhi-NCR.

In light of a private settlement proposal rejection, the Court underscored the need for a transparent bidding process for a co-developer. It instructed Supertech Realtors to update the public via its website while inviting stakeholder suggestions for proceeding with the project.

(With inputs from agencies.)