Real estate developer Supertech declared bankrupt by NCLT

In a set back for homebuyers, real estate firm Supertech Developers was declared bankrupt by the National Company Law Tribunal (NCLT) on Friday.The move comes as the company was under immense pressure after the Supreme Court ordered demolition of its 2 illegal towers in Noida. The real estate firm's debt amounts to around Rs 1,200 crore, including nearly Rs 150 crore loans from Union Bank of India. https://ift.tt/V9EcauD