Union Bank of India, the lender on whose application the NCLT had initiated insolvency proceedings against Supertech Ltd, submitted before the appellate tribunal NCLAT that the debt-ridden company should come up with a settlement plan that includes a “fixed advance” of the outstanding amount. Pay” join.
Earlier, Supertech Ltd was declared bankrupt by the National Company Law Tribunal (NCLT), a move that could impact over 10,000 home buyers of the firm’s ongoing projects in the Delhi and NCR region.
The NCLT observed that “there has been a default in payment of financial debt” and appointed Hitesh Goyal as Interim Resolution Professional (IRP), replacing the board of Supertech Ltd.
Following the NCLT order for insolvency proceedings, the promoters of Supertech Ltd challenged the decision before the National Company Law Appellate Tribunal (NCLAT).
Providing some relief to Supertech Ltd, the appellate tribunal last Tuesday stayed the constitution of the committee of creditors under insolvency proceedings till April 19 as the real estate developer sought time to hold talks with banks.
Today, counsel representing RK Arora, the suspended board of directors of Supertech, informed the appellate tribunal that they are in “negotiate” with their financial creditor and had also offered some advance payment amount along with other conditions as stated. indicated by the bank. ,
Arora’s counsel requested “one more opportunity” to negotiate with the bank to offer “something better”.
Accepting the request, a two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan said: “Considering the submissions, we adjourn this appeal till May 2, 2022”.
“In the meantime, the interim order will continue,” the NCLAT said.
The default pertains to a loan given by Union Bank of India for the Eco Village II project in Greater Noida (West) in Uttar Pradesh, which was being developed at a cost of Rs. 1,106.45 crores.
Supertech Limited owns 38,041 flats and has delivered 27,111 flats out of them.