IBBI Suspends Insolvency Professional for Mismanagement

The Insolvency and Bankruptcy Board of India (IBBI) has revoked Hitesh Goel’s registration as an insolvency professional for two years. This decision comes after the IBBI's disciplinary committee found multiple lapses by Goel during the handling of insolvency proceedings for Supertech Ltd and Nobility Estates.

Goel, who served as both the interim resolution professional and later as the resolution professional for Supertech Ltd, failed to disclose critical information in the Information Memorandum related to the Eco Village 2 project. Moreover, he did not adhere to required timelines, including the filing of necessary documents and conducting the first creditors’ meeting within the stipulated period.

Additionally, the Supreme Court of India has intervened, directing state-owned NBCC to expedite the completion of 16 delayed housing projects by Supertech, offering relief to homebuyers who have been waiting for nearly two decades for their homes.