IBBI Suspends Hitesh Goel for 2 Years in Supertech Insolvency Case

• Hitesh Goel’s registration suspended for two years by IBBI
• Lapses found in Supertech and Nobility Estates insolvency cases
• Delays and missing disclosures impacted thousands of homebuyers

The Insolvency and Bankruptcy Board of India (IBBI) has suspended insolvency professional Hitesh Goel for a period of two years after identifying multiple lapses in handling insolvency proceedings of Supertech Ltd and Nobility Estates.

The decision was taken by IBBI’s disciplinary committee in an order dated March 30, citing violations of duties under the Insolvency and Bankruptcy Code (IBC). The regulator found that Goel failed to adhere to prescribed timelines and did not maintain transparency during the corporate insolvency resolution process (CIRP).

In the Supertech case, which entered insolvency in March 2022, Goel was initially appointed as Interim Resolution Professional and later confirmed as Resolution Professional. However, proceedings were later limited to the Eco Village 2 project following directions from the National Company Law Appellate Tribunal.

IBBI observed that critical information related to the project was missing from the Information Memorandum. This included details on construction status, unsold inventory, occupancy levels, and necessary certifications—key data points that are essential for informed decision-making by stakeholders.

Additionally, Goel failed to conduct the first meeting of the Committee of Creditors (CoC) within the stipulated timeline and delayed important filings, including CIRP Form-3. There were also lapses in filing avoidance applications and sharing meeting minutes with stakeholders, especially for non-Eco Village 2 projects.

Similar issues were flagged in the Nobility Estates insolvency process. The regulator noted delays in appointing valuers, publishing Form-G, conducting CoC meetings, and preparing the Information Memorandum, raising concerns over procedural compliance.

Invoking powers under Section 220 of the IBC and relevant regulations, IBBI ordered a two-year suspension of Goel’s registration, emphasizing accountability in insolvency processes.

The development comes at a time when thousands of homebuyers linked to Supertech projects continue to await completion of their homes. In a relief to buyers, the Supreme Court of India recently upheld an order allowing NBCC (India) Ltd to complete 16 stalled Supertech projects. The court also directed that no legal action should delay construction work undertaken by NBCC.

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