NCLT Orders Insolvency Proceedings Against Supertech Realtors' Supernova Project
Supertech Realtors, the developer of the prestigious Supernova project, has been ordered to undergo insolvency proceedings by the National Company Law Tribunal (NCLT) due to a default of Rs 168.04 crore.
Insolvency ProceedingSupertech RealtorsNcltBank Of MaharashtraReal Estate IndustrySupernova ProjectReal Estate MaharashtraJun 15, 2024
The Supernova project, which is expected to be the tallest building in Delhi-NCR at a height of 300 meters with 80 floors, had approached a consortium of lenders led by Union Bank of India seeking financial assistance of Rs 7,35.58 crore. As part of this, Bank of Maharashtra granted a credit facility of Rs 150 crore in December 2012, which was repayable in quarterly installments over a period of 10 years and 4 months by March 2023. However, Supertech Realtors failed to maintain financial discipline, defaulting on the loan and committing other breaches and violations of the credit limit, resulting in a huge outstanding amount.
The real estate firm had opposed the insolvency plea on technical grounds, citing contradictions in the date of default and alleging that it was a victim of the economic slowdown and financial crunches that affected the real estate industry between 2010 and 2015. However, the NCLT found the Bank of Maharashtra to be a financial creditor, citing the existence of a debt and default. The tribunal has now initiated the Corporate Insolvency Resolution Process (CIRP) against Supertech Realtors, putting a moratorium on all transactions related to the company, as per the Insolvency & Bankruptcy Code.
Information
Supertech Realtors is a leading real estate developer in India, known for its innovative and luxurious projects. The company has been a major player in the Delhi-NCR region, developing several residential and commercial projects over the years.
The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that deals with corporate disputes and insolvency proceedings. The Bank of Maharashtra is a leading public sector bank in India, providing a range of financial services to individuals and businesses.
Frequently Asked Questions
What is the default amount that led to the insolvency proceedings against Supertech Realtors?
The default amount is Rs 168.04 crore.
What is the name of the project developed by Supertech Realtors that is involved in the insolvency proceedings?
The project is called Supernova, located in Sector 94, Noida.
Which bank filed the insolvency plea against Supertech Realtors?
The Bank of Maharashtra filed the insolvency plea against Supertech Realtors.
What is the cost of the Supernova project being developed by Supertech Realtors?
The cost of the Supernova project is Rs 2,326.14 crore.
What is the height of the Supernova project, which is expected to be the tallest building in Delhi-NCR?
The Supernova project is expected to be 300 meters tall.
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