The Insolvency and Bankruptcy Board of India (IBBI) has suspended the registration of insolvency professional Hitesh Goel for two years, following a disciplinary committee’s finding of multiple lapses in the corporate insolvency resolution processes (CIRPs) of Supertech Ltd and Nobility Estates Pvt Ltd.
In an order dated March 30, the IBBI’s disciplinary committee found Goel guilty of nine specific contraventions of the Insolvency and Bankruptcy Code (IBC), 2016, and the regulations made thereunder. The lapses included failure to disclose material information in the information memorandum (IM), failure to convene the first meeting of the Committee of Creditors (CoC) within the prescribed timeline, and inordinate delay in filing avoidance applications.
“In view of the foregoing discussion and written submissions made by Hitesh Goel, the disciplinary committee finds that Hitesh Goel had failed to perform his duties,” said a bench comprising Dr Bhushan Kumar Sinha and Jayanti Prasad, whole-time members, IBBI.
“The disciplinary committee… suspends the registration of Hitesh Goel for a period of two years. This order shall come into force on expiry of 30 days from the date of its issue,” the order stated.
Goel said in a statement that he would take legal remedies against the suspension order.
The contraventions cited in the order occurred during Goel’s tenure as insolvency resolution professional (IRP) in two separate CIRPs. The first involved Supertech Ltd, specifically its Eco Village-2 project, where Goel was initially appointed as interim resolution professional (IRP) in March 2022. The second was the CIRP of Nobility Estates Pvt Ltd, where he was appointed IRP in November 2023 following an application filed by Ask Trusteeship Services Pvt Ltd.
In the Supertech matter, the National Company Law Appellate Tribunal (NCLAT) had, in June 2022, restricted the CIRP to the Eco Village-2 project while directing that other projects continue as ongoing ventures under Goel’s overall supervision. IBBI received complaints against Goel regarding both the EV-2 project and the other projects of Supertech, according to the order.
The disciplinary committee noted that while NCLAT had entrusted these responsibilities to Goel by virtue of his appointment as IRP, he remained bound by the provisions of the IBC. “With respect to EV-2 project, the NCLAT specifically directed Goel to carry out activities as per the provisions of the Code,” the order stated.
Homebuyers of Supertech Ecovillage had also raised grievances against Goel’s conduct, according to Monday’s order, which HT has accessed.
Rina Yadav and hundreds of other buyers also had filed complaints against IRP alleging his conduct delayed the completion and the possession of their flats. “IRP opened a separate account in 2022 and became a single signatory… Before November 2024 we were paying maintenance in an account operated by Supertech Ltd and IRP together. After opening the account, IRP removed the old maintenance agency… and has not made payment to vendors,” said Rina Yadav, a complainant.
The disciplinary committee concluded that Goel had failed to perform his statutory duties with the required diligence and transparency.
Goel defended himself in a statement issued on Tuesday, noting that the order will take effect on April 29, 2026, and that the alleged deficiencies were procedural and timeline-related.
“IRP had provided detailed explanation and justifications to IBBI for each of the alleged procedural deficiencies. The IRP shall be availing the appropriate legal remedies available to him against the IRP IBBI Order,” he said.
He added that the framework for completion of Supertech’s pending units, approved by the Supreme Court in February 2026, remains independent of the disciplinary proceedings. “The STL SC Framework is completely independent of the proceedings qua the IRP and the IRP IBBI Order. The IRP IBBI Order does not in any manner hamper or restrict the implementation,” Goel said.