NEFOWA organises meeting with Ecovillage residents after builder's insolvency

Greater Noida: After the insolvency of Supertech builder, NEFOWA held a meeting with the residents of Ecovillage 1, 2, and 3 to explain the process of filing a claim in the National Company Law Tribunal (NCLT). The meeting took place on Sunday, April 3, 2022 at Supertech Ecovillage 2. Thousands of home buyers took part in the meeting.

Supertech has been declared insolvent by NCLT, after which the problems of home buyers have increased. As gathered, nearly 70 per cent of residents who have been waiting for their registry now stare at an uncertain future.

Anupam Mishra, a resident of Ecovillage 2 says, “All the residents are worried after the insolvency of Supertech. And if we track the record of NCLT, it is not good. All the societies which are under the NCLT like Amrapali, and Unitech, are in pathetic condition. We are requesting NCLT and the government to assist the homebuyers. NCLT should start the proceedings as soon as possible.”

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Senior Supreme Court Lawyer Mihir Kumar explained the entire process and answered the questions of all the residents. Mihir Kumar, Senior Supreme Court Lawyer and resident of Ecovillage 2 says, “All the buyers are worried about their delayed project and pending registry. They are facing difficulties to fill the claim form which has to be submitted to NCLT by April 8, 2022. We are helping continuously and we hope for the best.”

About 17,000 residents live in Supertech Ecovillage 1, 2, and 3. According to the residents, about 70 per cent of the residents are struggling to get registry papers. Moreover, thousands of homebuyers have been waiting for their flats for the last 11 years.

During the meeting, NEFOWA President, Abhishek Kumar says, “There is no need to panic in this situation, we have to do all the work very calmly. NEFOWA stands with the residents and will continuously help them throughout the process.”

Manish Kumar, Senior Vice President of NEFOWA says, “Each and every buyer must file a claim. A question is why the big real estate owners going into insolvency. The Authority or RERA should provide guidelines to all the builders to complete their work on time. If we consider all the past insolvent companies, the work does not start with the help of the Insolvency resolution process (IRP).” (If the builder goes insolvent, work in the society is done under IRP.)

Mritunjay Jha, a resident of Ecovillage 3 says, “We are hoping for the best. After many years, maintenance work in our society had finally started. However, now we all are again stuck after the insolvency of Supertech. Our only hope is that NCLT helps us."