Supertech Township Gets Two Weeks to Finalize Settlement Proposal
NCLAT grants two weeks time for Supertech Township's settlement proposal. Asks firm to publish it on its website so that it can be accessed by all stakeholders.
Supertech TownshipNclatInsolvency ProceedingsReal EstateCorporate Insolvency Resolution ProcessReal EstateSep 27, 2024
The NCLAT also suggested the realty firm facing insolvency proceedings to publish the settlement proposal on its website so that it can be accessed by all concerned stakeholders.
The development comes after the counsel representing Punjab and Sind Bank said it has not received any proposal on behalf of Ram Kishore Arora, promoters of Supertech Township Projects Ltd. Arora's counsel said that a proposal has been submitted for 100 per cent payments of dues of the bank which is mentioned in the application to the Bank.
He further said that Arora has secured an investor who is ready to pay off the bank's debt and continue the construction of the project, which has been halted for several years.
The insolvency case is related to the real estate Project and the case is started after the project has not been completed within time, he said. The counsel for the Appellant submits that more than 500 possessions have been handed over.
Be that as it may, the court’s primary concern is whether by any mechanism project can be completed, failing which, insolvency is the only alternative left, NCLAT observed in its order.
On July 30, NCLAT had stayed the insolvency proceedings against Supertech Township Projects after it proposed to settle its disputes with Punjab and Sind Bank.
Earlier, the National Company Law Tribunal (NCLT) had also directed to initiate insolvency proceedings against Supertech Township Projects on a plea filed by Punjab & Sind Bank over a default of ₹216.92 cr.
This is the third group firm of Ram Kishore Arora-led realty major Supertech to go through the Corporate Insolvency Resolution Process (CIRP). In March 2022, CIRP was initiated against Supertech Ltd.
NCLAT has asked the Appellant to complete the proposal and circulate it to the bank as well as to all the homebuyers within two weeks. On the next date, it will consider whether the proposal submitted deserves to be accepted or not after hearing counsel for the lenders as well as the homebuyers who have filed applications in the appeal.
Any objection to the proposal may also be filed by all.
Information
The National Company Law Appellate Tribunal (NCLAT) is an Indian tribunal that deals with matters related to corporate law and insolvency.
Supertech Township Projects Ltd is a real estate company that is facing insolvency proceedings.
Frequently Asked Questions
What is the current status of Supertech Township's settlement proposal?
NCLAT has granted two weeks more time to Supertech Township to circulate the settlement proposal to both its lenders and home buyers.
Why has the insolvency case been filed against Supertech Township Projects?
The insolvency case is related to the real estate Project and the case is started after the project has not been completed within time.
How many possessions have been handed over by Supertech Township Projects?
More than 500 possessions have been handed over.
What is the amount of default by Supertech Township Projects?
₹216.92 cr.
What is the Corporate Insolvency Resolution Process (CIRP)?
CIRP is a process under the Insolvency and Bankruptcy Code, 2016, where a company is allowed to continue its operations while a resolution plan is prepared to pay off its debts.
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