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Legal troubles for the former management of bankrupt real estate major Supertech have deepened significantly as the Supreme Court has come down heavily on the company over suspicious financial transactions and property transfers. During a high-stakes hearing, a bench led by Chief Justice Surya Kant, alongside Justice Joymalya Bagchi and Justice V. Mohana, strongly reprimanded the erstwhile promoters and questioned why their questionable asset transfers should not be immediately declared null and void. As state-owned NBCC continues its efforts to complete 16 out of 30 stalled housing projects across the National Capital Region, the apex court’s stern stance marks a major escalation in holding the former management accountable for home buyers’ plight.

Fake Stamp Papers And Fraudulent Property Transfers Exposed By Forensic Audit

The judicial scrutiny intensified when senior advocate and amicus curiae Rajiv Jain placed critical forensic audit findings before the bench. Assisting the court in the matter, the lawyer revealed that a comprehensive forensic examination conducted by Ernst & Young uncovered alarming financial irregularities, including attempts by Supertech’s former management to sell and transfer properties using forged and fake stamp papers. Pointing to specific glaring instances involving the prestigious ‘Supertech Supernova’ project, the counsel highlighted how numerous residential and commercial units were illegally shuffled using counterfeit registered stamp papers. In response to these grave disclosures, the amicus curiae demanded a comprehensive judicial ban on such illegal asset diversions and urged the court to annul all past fraudulent transactions.

Supreme Court Demands Responses From RBI As NBCC Projects Face Severe Fund Crunch

Apart from probing financial fraud, the Supreme Court addressed the massive liquidity crisis hindering the completion of 16 stalled residential projects currently being managed by NBCC under the oversight of a judicial committee headed by former Justice Krishna Murari. The court learned that because Supertech’s massive loan defaults turned its accounts into Non-Performing Assets (NPAs), Reserve Bank of India (RBI) regulations prohibit public sector banks from extending fresh credit lines, while private lenders demand exorbitant interest rates. To cut through this bureaucratic deadlock, the amicus curiae recommended special regulatory exemptions for these projects. Consequently, the Supreme Court has officially issued notices to the RBI and a consortium of lenders led by Union Bank of India, seeking their formal replies on relaxing lending norms to expedite construction and hand over flats to stranded home buyers.

Relief In Sight For Demolished Twin Tower Buyers As Refund Timeline Set

The apex court also addressed long-pending grievances regarding financial restitution for buyers affected by the demolition of Supertech’s illegal ‘Twin Towers’. During the proceedings, buyers raised concerns regarding delayed refunds, prompting the amicus curiae to clarify that roughly 250 million to 300 million rupees remain pending for disbursement. The court was assured that once the supervisory committee successfully mobilizes funds through asset monetization and other approved channels, all pending dues will be fully cleared to the eligible buyers within the next three months. With the Supreme Court directing the former management to file formal objections against the amicus curiae report within one week, the next crucial hearing in the matter has been scheduled for August 6, 2026.