New Delhi: By ordering to bring in a new developer to finish Supertech Supernova project in Noida, which is currently under insolvency, and removing the company’s erstwhile promoters, the insolvency resolution professional (IRP) and committee of creditors (CoC), the Supreme Court has rekindled hope among lakhs of homebuyers that other frozen housing projects could be rescued in a similar way.Construction has halted in several projects after insolvency process were initiated.To secure homebuyers’ interest, SC recently sidelined all entities under the Insolvency and Bankruptcy Code and appointed a 3-member committee to rope in another builder to complete Supernova project.The committee should appoint a new developer after inviting…
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