Firm Matters

Khaitan & Co advised and has been advising Mr Hitesh Goel, the interim resolution professional (“IRP”) of Supertech Ltd (“Supertech”) during the ongoing corporate insolvency resolution process of the Company (“CIRP”). Supertech is a large real estate company with operations spread across Delhi, Noida, Gurugram, Uttarakhand, Bengaluru involving over 50,000 homebuyers, more than 30 real estate projects, several lenders/ financial institutions and land authorities related to the respective projects. The insolvency resolution process of Supertech is a unique insolvency process involving traditional CIRP, reverse CIRP and court monitored CIRP pertaining to resolution of claims of stakeholders aggregating to INR 7945 crores. Recently, the Hon’ble Supreme Court, vide order dated 5 February 2026 (“5 Feb SC Order”) dismissed multiple appeals against a previous order passed by National Company Law Appellate Tribunal and provided the much needed clarity to a complex insolvency resolution process inter alia approving the proposal submitted by NBCC (India) Limited (“NBCC”) for construction of under-construction projects of Supertech under the overall supervision of a committee consisting of IRP, 2 nominees of lenders, real estate expert and 1 nominee of NBCC (“ACC”). The 5 Feb SC Order represents a clear judicial recognition of the prominent complexities associated with a real estate insolvency and devises a peculiar solution for settlement of claims of stakeholders with homebuyers being given the paramount importance. 

The Firm has been involved in day-to-day advisory to Supertech/ IRP on all aspects of Supertech CIRP including stakeholder coordination, regulatory and statutory compliance, process documentation, and strategic guidance on key commercial and legal issues. The firm formulated and led the litigation strategy before the Hon’ble NCLAT and the Hon’ble Supreme Court that culminated in the 5 Feb SC Order and represents and advises the IRP and ACC in related proceedings arising from the CIRP.