Supreme Court Appointed Panel Asserts Approval Authority Over All Deals Involving Supertech Realtors' Project

Supreme Court Appointed Committee Issues Notice for Prior Permission on Supertech Realtors Project

In a move aimed at resolving the long-standing issues with the stalled Supernova project in Noida, the empowered committee appointed by the Supreme Court has issued a public notice requiring prior permission from the panel for any real estate transactions in the project.

The notice, issued earlier this month, is related to restrictions on sale or transfer of units in the project of Supertech Realtors Pvt Ltd (SRPL). The Supreme Court appointed committee has informed all concerned, including homebuyers, allottees, prospective purchasers, investors, and the general public, that a prior written approval is mandatory for "any sale, transfer, assignment, conveyance, or creation of any third-party rights in respect of any unit in the SRPL projects."

Around 2,800 property buyers are stuck in the project. The panel, which was formed in December last year, has made it clear that any past resolution of the Board of Directors authorising sale or transfer of units will not be valid with effect from December 16, 2025. Any transaction undertaken without the panel's prior written approval would be treated as null and void ab initio, the notice said.

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The panel has advised the general public and all prospective purchasers to exercise due diligence and ensure compliance with this requirement. The committee is chaired by Justice M M Kumar, former Chief Justice of the Jammu & Kashmir High Court.

In a related development, the panel had earlier appointed PwC as Transaction Advisor to fast-track the revival of the Noida's stalled Supernova project. PwC would manage the process of identifying and onboarding a new developer to expedite the revival of the project.

The panel has initiated steps to expedite the revival of the Supernova Project in Noida, including the iconic Spira Tower. The project is a mixed-use real estate project consisting of residential, commercial, office space, studio apartment, service apartment, and shopping centers in Sector 94, Noida.

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