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A Supreme Court-appointed Empowered Committee (EC) has swung into action to rescue the long-stalled Supernova Project in Noida, initiating a series of measures including a forensic audit, homebuyer verification drives and plans to appoint a new developer for the iconic mixed-use development.
The Empowered Committee, constituted pursuant to a Supreme Court order dated December 16, 2025, became operational in the last week of December 2025 and has since assumed charge of the affairs of Supertech Realtors Pvt. Ltd., the corporate debtor. The Supernova Project includes the landmark Spira Tower, envisioned as one of the tallest buildings in the country. The panel is headed by Justice MM Kumar, former Chief Justice of the Jammu & Kashmir High Court. Other members include AK Mittal, former Chairman and Managing Director of NBCC (India) Ltd., Rajeev Mehrotra, former CMD of RITES Ltd., and Aalok Dave, a corporate resolution expert. The Committee has been mandated to resolve the stressed project while protecting the interests of homebuyers, bankers and the Noida Authority. As part of its immediate priorities, the EC has launched a verification exercise covering 497 homebuyers of the residential towers Nova East and Nova West. A Registration Requisition Form was issued to facilitate the process. So far, around 132 homebuyers have submitted the required documents. Of these, the cases of 15 homebuyers have been found in order and will be forwarded to the Noida Authority; the remaining cases are still being processed. The Committee has appointed Ernst & Young as forensic auditor for Supertech Realtors Pvt. Ltd. and its parent company, Supertech Limited, and the audit has already commenced. The EC is also in the process of appointing a new developer for the project. Additionally, a structural audit of key buildings - including Spira Tower and Hypernova Mall - is being planned in consultation with premier institutions such as the Central Building Research Institute, Roorkee, and the Indian Institute of Technology, Delhi. Committee said, "With these coordinated initiatives and its mandate from the Supreme Court, the Empowered Committee remains confident of successfully reviving the iconic mixed-use Supernova Project in the Delhi-NCR region and restoring the confidence of homebuyers, investors and stakeholders,". (ANI)
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