India, Aug. 12 -- Supertech Group's erstwhile developer Ram Kishore Arora has told the Supreme Court that the insolvency proceedings involving its Supernova project in Noida cannot be extended to a commercial tower operated by its subsidiary, Supertech Retails, which he said is a going concern and is not facing any insolvency proceedings.

The response came on Tuesday after a court-appointed empowered committee headed by former high court justice MM Kumar flagged what it described as serious concerns over the alleged dissipation of assets of Supertech Realtors Pvt Ltd (SRPL), the erstwhile developer of Supernova.

In a report recently submitted to the Supreme Court, the committee said a forensic audit of Supertech Ltd (STL) and SRPL had u...