Hitesh Goel Suspended Over Disclosure Lapses In Supertech Insolvency

(MENAFN- AsiaNet News)

The Insolvency and Bankruptcy Board of India (IBBI) has found multiple procedural and disclosure lapses by insolvency professional Hitesh Goel in the corporate insolvency resolution process (CIRP) of Supertech Ltd, particularly its Eco Village-II project. In an order dated March 30, 2026, the Board's Disciplinary Committee held that Goel failed to ensure complete and transparent disclosures in the Information Memorandum (IM), a critical document for prospective resolution applicants.

Lapses in Information Memorandum

The order dated 30 March 2026 notes, "the Board held the prima facie view that Shri Hitesh Goel had contravened Sections 208(2)(a) and (e) of the Code, Regulation 36(2)(c) of the CIRP Regulations, Regulations 7(2)(a) and (h) of the IP Regulations read with Clause 14 of Code of Conduct specified in First Schedule to IP Regulations." The Committee observed that key project details, including inventory status, occupancy certificates, and audited financial statements, were either incomplete or not verifiably shared at the relevant time.

Background and Clarification on Responsibilities

The case stems from the insolvency proceedings initiated against Supertech Ltd in March 2022 following a petition by Union Bank of India. While the National Company Law Appellate Tribunal (NCLAT) had allowed a project-wise resolution for Eco Village-II as a "test process", the IBBI clarified that such directions did not dilute statutory obligations under the Insolvency and Bankruptcy Code (IBC). The Committee emphasised that the resolution professional was still required to maintain the highest standards of diligence and ensure that all material information was made available to stakeholders to enable informed decision-making.

Further Lapses and Rejection of Defence

Apart from disclosure-related lapses, the Board also flagged failure to file the IM with CIRP Form-3, delays in conducting the first meeting of the Committee of Creditors (CoC), and inconsistencies in the professional's interpretation of legal provisions across different cases.

The Disciplinary Committee rejected Goel's defence of technical glitches and procedural complexities, noting that he could not provide verifiable evidence to support his claims. It further held that delays and inconsistencies weakened the transparency and integrity of the insolvency process. The IBBI noted that any gaps in information could adversely impact resolution outcomes, discourage credible bidders, and suppress asset valuation.

Disciplinary Action and Suspension

The order concludes, "The DC in exercise of the powers conferred under Section 220 of the Code read with Regulation 13 of the IBBI (Inspection and Investigation) Regulations, 2017 hereby suspends the registration of Shri Hitesh Goel (Registration No. IBBI/IPA-001/IPP01405/2018-2019/12224) for a period of two years." However, it adds "This Order shall come into force on expiry of 30 days from the date of its issue." (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

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