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The Insolvency and Bankruptcy Board of India (IBBI) has taken action against two key officials overseeing the insolvency process of Revital Reality Pvt Ltd, the developer behind the delayed Supertech Basera affordable housing project in Gurugram’s Sector 79/79B. In separate orders issued on August 20, the regulator suspended resolution professional (RP) Gaurav Katiyar’s registration for two years and cancelled the registration of authorised representative (AR) Deepak Kumar Goyal, who represented homebuyers in the Committee of Creditors (CoC). Both orders will come into effect after 30 days.
The Insolvency and Bankruptcy Board of India (IBBI) has suspended the registration of resolution professional Gaurav Katiyar for two years and cancelled the registration of authorised representative Deepak Kumar Goyal in connection with the insolvency proceedings of Revital Reality Pvt Ltd, the developer of Supertech Basera in Sector 79/79B, Gurugram. The separate orders were issued on August 20, with both actions scheduled to take effect after 30 days, requiring replacements to be appointed for the two roles.
The Supertech Basera project comprises 15 towers and 1,976 flats spread across approximately 12.1 acres. The affordable housing development was registered with the Haryana Real Estate Regulatory Authority in 2017 and was expected to be completed around 2020. However, the project remains incomplete, leaving buyers facing a delay of about six years.
The corporate insolvency resolution process (CIRP) against Revital Reality commenced on June 4, 2024, after the National Company Law Tribunal admitted a case against the company. Katiyar was subsequently appointed as the resolution professional, while Goyal represented the homebuyers on the Committee of Creditors.
According to the IBBI's findings, Katiyar allowed a prospective resolution applicant to submit changes to its resolution plan after the deadline prescribed by the CoC, without obtaining prior approval from the committee. The regulator stated that subsequently informing CoC members about the changes through email could not substitute the requirement for prior approval.
The IBBI also found that Katiyar had not adequately justified the removal of a five-year delivery requirement from the eligibility criteria for prospective resolution applicants. The regulator noted that no stakeholder had suggested removing the condition and that the reasons recorded did not sufficiently explain the specific and material change. The CoC has consequently been directed to appoint another resolution professional.
Goyal faced separate findings concerning his role as the homebuyers' authorised representative. The IBBI found that he had failed to maintain proper minutes of meetings held with buyers. It also found that he agreed to extend the deadline for submission of revised resolution plans without first obtaining instructions from the homebuyers, despite representing buyers holding 91% of the CoC's voting share.
Katiyar was contacted for a response and questioned the reason for the report but did not provide a substantive response to the findings recorded in the IBBI order. The regulatory action does not amount to approval of a resolution plan and does not establish a new possession date for the project.
For Supertech Basera buyers, the immediate procedural requirement is the appointment of a replacement resolution professional and authorised representative. The CIRP will then continue towards consideration of a viable resolution plan for the stalled project. IBBI records show that Revital Reality's CIRP commenced on June 4, 2024, with homebuyers listed among the company's financial creditors.
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