Supreme Court appoints panel to rescue stalled Noida housing project, protect buyers.

The Supreme Court has appointed a three-member committee to take control of the insolvency process for Supertech Realtors, bypassing the original resolution professionals, to complete the stalled Supernova housing project in Noida. The panel, led by former Jammu and Kashmir High Court Chief Justice M M Kumar, will select a new developer, ensure funds are held in escrow, and fast-track approvals, with no payments demanded from NOIDA or lenders. The court emphasized transparency, barring any entity linked to the original promoters. The move aims to protect homebuyers and address systemic delays in resolving real estate insolvencies, especially in the National Capital Region.