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The Insolvency and Bankruptcy Board of India (IBBI) has suspended insolvency professional Hitesh Goel for two years for lapses in handling the insolvency of Supertech Ltd and Nobility Estates. The regulator found delays in filings, missing disclosures, and non-compliance with prescribed timelines under the Insolvency and Bankruptcy Code. These issues affected transparency and slowed the resolution process, impacting creditors and homebuyers. The action comes as efforts continue under court supervision to complete stalled Supertech housing projects and provide relief to buyers.
The Insolvency and Bankruptcy Board of India (IBBI) has suspended insolvency professional Hitesh Goel for a period of two years after identifying several lapses in the handling of insolvency proceedings of Supertech Ltd and Nobility Estates. Advertisement
The decision was taken by the regulator's disciplinary committee in the past week after it found that Goel did not follow required procedures under the Insolvency and Bankruptcy Code (IBC) during the corporate insolvency resolution process. He had earlier been appointed as the interim resolution professional for Supertech and was later confirmed as the resolution professional when the company entered insolvency in 2022.
During the process, the National Company Law Appellate Tribunal had limited the insolvency proceedings to Supertech's Eco Village 2 project, while other projects continued separately under supervision. This made accurate and timely disclosures important for all stakeholders involved.
The regulator observed that key information was not properly disclosed in the information memorandum prepared for Eco Village 2. Details such as the status of towers and units, unsold inventory, and occupancy or completion status were either missing or incomplete. These details are necessary for potential resolution applicants to assess the project and take informed decisions.
Apart from disclosure gaps, procedural delays were also highlighted. The information memorandum was not submitted along with required CIRP forms. The first meeting of the Committee of Creditors was not held within the prescribed timeline. There were also delays in filing avoidance applications and in sharing meeting minutes with stakeholders of other Supertech projects, which affected overall transparency.
In the case of Nobility Estates, similar issues were found. The regulator noted delays in conducting the first creditors meeting, appointing registered valuers, issuing Form G to invite resolution plans, and preparing and submitting the information memorandum. Such delays can slow down the resolution process and reduce confidence among lenders and buyers.
The disciplinary committee stated that these actions showed failure to perform duties with due diligence and in line with the IBC framework. Based on these findings, it decided to suspend Goel's registration for two years.
The development comes at a time when the Supertech insolvency matter has already seen multiple legal and regulatory interventions. In a related move in recent months, the Supreme Court upheld a tribunal order allowing state-owned NBCC to complete several stalled Supertech projects. The court also ensured that parallel legal proceedings do not delay construction, aiming to protect the interests of thousands of homebuyers waiting for possession.
Supertech's insolvency has remained a complex case due to multiple projects, financial stress, and a large number of affected buyers. The approach of handling insolvency at a project level, such as restricting it to Eco Village 2, reflects changes in how real estate cases are being managed under the IBC to address practical challenges.
Source PTI
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