Khaitan & Co Advised Interim Resolution Professional Of Supertech Limited In Ongoing Corporate Insolvency Resolution Process

Khaitan & Co advised interim resolution professional of Supertech Limited in ongoing corporate insolvency resolution process

The leading law firm in India, Khaitan & Co advised, and continues to advise, Mr. Hitesh Goel, the interim resolution professional (“IRP”) of Supertech Limited (“Supertech”) during the ongoing corporate insolvency resolution process (“CIRP”) of the company. Supertech is a major real estate company with operations across Delhi, Noida, Gurugram, Uttarakhand, and Bengaluru, encompassing over 50,000 homebuyers, more than 30 real estate projects, multiple lenders and financial institutions, and the relevant land authorities associated with these projects.

The Supertech CIRP is a unique insolvency process, involving traditional CIRP, reverse CIRP, and court-monitored CIRP, addressing claims of stakeholders aggregating to INR 7,945 crores. On 5 February 2026, the Hon’ble Supreme Court (“5 Feb SC Order”) dismissed multiple appeals against a previous order of the National Company Law Appellate Tribunal (NCLAT), providing much-needed clarity to the complex process. The order inter alia approved NBCC (India) Limited’s proposal for completing under-construction Supertech projects under the supervision of a committee comprising the IRP, two lender nominees, a real estate expert, and one NBCC nominee (“ACC”). The 5 Feb SC Order represents judicial recognition of the complexities in real estate insolvency and provides a bespoke solution for stakeholder claims, prioritizing homebuyers’ interests.

Khaitan & Co’s role includes day-to-day advisory to the IRP and Supertech on all aspects of the CIRP, including stakeholder coordination, regulatory and statutory compliance, process documentation, and strategic guidance on commercial and legal issues. The firm also formulated and led the litigation strategy before the Hon’ble NCLAT and the Hon’ble Supreme Court, which culminated in the 5 Feb SC Order, and continues to represent and advise the IRP and ACC in related proceedings arising from the CIRP.

The Khaitan & Co deal team comprised Dr Siddharth Srivastava (Partner, Restructuring & Insolvency / Banking & Finance), Mohit Kishore (Partner, Restructuring & Insolvency / Banking & Finance), Avni Shrivastav (Principal Associate), Aditya Mukherjee (Senior Associate), Tushar Kumar (Senior Associate), and Amritam Anand (Associate).

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