Greater Noida: The homebuyers of Supertech Golf Country, Yamuna Expressway are facing challenges and their plight is going unheard. As per the homebuyers, they are firstly being harassed by the Supertech Builder and now being bullied by banks.
The Amitabh Kant Committee report, while containing numerous recommendations favorable to homebuyers on paper, has shown substantial limitations in practice. Homebuyers say that their experience with Supertech Golf Country illustrates these shortcomings, particularly regarding homebuyer representation in the insolvency process.
Background and Current Challenges
Supertech Golf Country has been under the Insolvency Resolution Process (IRP) since July 2024. Despite NCLAT’s recognition of homebuyers as stakeholders, these homebuyers were excluded from the first CoC meeting due to a requirement for 1,000 homebuyer claims.
The Insolvency and Bankruptcy Code (IBC) amendments have progressively strengthened homebuyers’ rights, recognizing them as financial creditors with voting rights in the CoC. However, the current system often dilutes their voting power by requiring an authorized representative to vote based on a majority decision within the class of creditors.
Key Events:
On July 12, 2024, NCLAT passed an order against Supertech.
On March 6, 2025, NCLAT rejected Supertech’s appeal and proceeded with CIRP, emphasizing the need to protect homebuyers’ interests. In its judgment, NCLAT clearly stated, “There are numerous homebuyers who are stakeholders of the corporate debtor and whose interests are to be protected.“
On March 20, 2025, homebuyers were asked to leave the CoC meeting due to the requirement above.
Proposal for Enhanced Homebuyer Representation
Inclusion in CoC: Homebuyers should be included in the CoC as they are the primary beneficiaries and financiers of the project. This inclusion would ensure that their interests are adequately represented and protected.
51% Voting Rights: Given that the project is built for homebuyers and financed by banks for their benefit, it is logical that homebuyers should hold a majority voting stake. This would align with the principle that those who bear the greatest risk and have the most significant interest should have a commensurate say in decision-making.
Practical Implementation: To facilitate this, the developer should share information about all homebuyers, and the IRP should proactively reach out to them. This would ensure that all affected parties are informed and can participate in the voting process.
Long-standing Issues
For over 13 years, we have been waiting for a livable society, but our efforts have been in vain. We are still seeking a resolution with no clear end in sight. Homebuyers’ rights must be prioritized to ensure that projects like Supertech Golf Country are resolved in a manner that benefits those who have invested their savings and trust.
In projects like Supertech Golf Country, where homebuyers are the core stakeholders, they must have a significant say in the CoC. By granting homebuyers 51% voting rights, we can ensure that their interests are prioritized and that the project’s resolution aligns with their needs. We hope that you will consider our proposal and support our efforts to enhance homebuyer representation in the insolvency process.
Supertech Golf Country Welfare Association Yamuna Expressway
The future of home buyers in Supertech Golf Country is in limbo. Arbitrariness and collusion of banks, builder and YEIDA.
On 2March, 20, 2023, the first COC meeting of Supertech Golf Country Yamuna Expressway was held in Supertech office in which Punjab & Sindh Lead Bank talked about removing the claims of home buyers who were demanding their rights, and got the home buyers thrown out of the meeting in the middle. Home buyers protested against this. It is known that, Supertech Golf Country project went to NCLT in July 2024. Thereafter, it was taken to NCLAT by the builder. After 8 months, the project came back to NCLT.
We have been demanding a house since 2013. Despite giving all the money to the builder, the basic facilities in the project are incomplete, possession is not given and registry is pending. Where were the banks and YEIDA when the builder was selling the houses? Why were they not taking their money then? Why does the authority not provide OC or CC so that people can get the map passed and get their house built and registration can be done? YEIDA has not even built the road of Sector 22D around the project, there is no facility of electricity and water while YIDA says that the future is here.It is requested to the Government of India and the Honorable Supreme Court to immediately take cognizance of this scheme.
Dinesh Rai, Yogesh Chopda, Rajiv Gautam, Vishal Jassal, Naveen Pal Singh, Homebuyers who attended first CoC meeting