Gurgaon: Homebuyers of Supertech Basera — delayed by six years — have faced a fresh setback.Insolvency and Bankruptcy Board of India (IBBI) has taken action against two key people handling the insolvency process of developer Revital Reality Pvt Ltd — the company behind the Supertech Basera project, an affordable housing development in Sector 79/79B.In separate orders dated Aug 20, IBBI suspended the registration of Gaurav Katiyar, the resolution professional (RP), for two years and ordered that he be replaced.The regulator also cancelled the registration of Deepak Kumar Goyal, the authorised representative (AR) of the homebuyers. Both orders will take effect after 30 days.The project has 15 towers and 1,976 flats spread across around 12.1 acres. It was registered with Haryana Rera in 2017 and was expected to be completed around 2020. However, the project remained incomplete.For Basera buyers, the latest orders mean that both the resolution professional and their authorised representative will have to be replaced.The insolvency process against Revital Reality started on June 4, 2024, after National Company Law Tribunal (NCLT) admitted a case against the company.Katiyar was appointed as the resolution professional, while Goyal represented the homebuyers in Committee of Creditors (CoC).IBBI found that Katiyar had allowed a prospective resolution applicant to submit changes to its resolution plan after the deadline fixed by CoC, without taking prior approval from the committee.The regulator said informing CoC members later by email was not a substitute for prior approval.IBBI also found that Katiyar failed to justify the deletion of a five-year delivery condition from the eligibility criteria for prospective resolution applicants. The regulator said no such suggestion had been received from any stakeholder and that the reasons recorded did not adequately explain the specific and material change.As a result, his registration has been suspended for two years and CoC concerned has been asked to appoint another resolution professional.Katiyar was contacted for his response. He questioned the reason for the story but did not offer any substantive comment on the findings recorded by IBBI in its order.Goyal faced separate action. IBBI said he failed to maintain proper minutes of meetings with homebuyers. It also found that he agreed to extend the deadline for revised resolution plans without first taking instructions from the buyers, even though he represented homebuyers holding 91% of CoC voting share.The action does not mean that a resolution plan has been approved, nor does it set a new possession date.For buyers who have already waited years, the immediate focus will now be on the appointment of replacements and the progress of the corporate insolvency resolution process towards a viable plan to complete the stalled Supertech Basera project.
