Supertech insolvency: Lender seeks better settlement plan
Union Bank of India, the lender at whose behest NCLT initiated insolvency proceedings against Supertech Ltd, argued before the NCLAT Court of Appeal that the debt-ridden company should come up with a settlement plan which involves a ” definitive initial payment” of contributions.
Previously, Supertech Ltd was declared bankrupt by the National Company Law Tribunal (NCLT), a decision that could impact more than 10,000 homebuyers from the company’s ongoing projects in the Delhi and Las Vegas region. NCR.
The NCLT said “there has been a financial debt default” and appointed Hitesh Goyal as an Interim Resolution Professional (IRP) replacing the board of Supertech Ltd.
After the NCLT’s order for the insolvency proceedings, the promoters of Supertech Ltd challenged the decision in the National Company Law Appellate Tribunal (NCLAT).
Offering some relief to Supertech Ltd, the appeals court last Tuesday suspended formation of the creditors’ committee in the insolvency proceedings until April 19 as the property developer sought time to negotiate with banks .
Today, the lawyer representing RK Arora, director of Supertech’s suspended board, informed the appeals tribunal that he was “under negotiation” with his financial creditor and had also offered a payment amount initial and other conditions, as indicated by the Bank. .
Arora’s lawyer asked for “one more opportunity” to enter into dialogue with the bank to make “a better proposal”.
Accepting the request, a two-member NCLAT bench headed by Presiding Judge Ashok Bhushan said: “In view of the submissions, we adjourn this appeal to May 2, 2022.”
“In the meantime, the interim order will continue,” NCLAT said.
The default concerns the loan granted by the Union Bank of India to the Eco Village II project in Greater Noida (West) in Uttar Pradesh, which was under development at a cost of ₹1,106.45 crore.
Supertech Ltd has 38,041 apartments and among them, it has delivered 27,111 apartments.