NCLAT stays insolvency proceedings against Supertech township project Financial plan to be submitted to Super Tech Bank in seven days, next hearing to be held on August 21 | NCLAT stays insolvency proceedings against Supertech township project Financial plan to be submitted to Super Tech Bank in seven days, next hearing to be held on August 21 – Noida (Gautambudh Nagar) News
Supertech gave a proposal to NCLAT to end the dispute related to its financial transactions with Punjab and Sindh Bank within seven days. After which NCLAT has stayed the bankruptcy proceedings against the Supertech Township project. NCL
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Proposal given for 216 crore outstanding
Last week, NCLT had accepted Punjab & Sind Bank’s petition regarding dues of Rs 216 crore. After which Supertech filed a petition in NCLAT. There Supertech said that a proper plan will be made to return the dues within seven days and will be submitted to Punjab & Sind Bank.
The area comes under Yamuna Development Authority
presented the project outline
The developer said that 75% of the development work has already been completed in the Lotus City project located in Sector 22D of YEIDA. Additionally, the company will benefit from the recently launched zero policy scheme by the government. Which can play a very important role in its settlement process. Supertech Township was allotted 100 acres of land in 2011 to develop the project. The project is incomplete and involves about 3,200 home buyers.
Home buyers supported
The lawyer of a group of home buyers has also expressed support for the proposed plan of development. After this, NCLAT scheduled the next hearing for August 21. Punjab and Sind Bank last year approached the NCLT to initiate corporate insolvency resolution process (CIRP) against Supertech Township Projects Limited on the ground that Supertech had not paid them Rs 216 crore by the due date of June 30, 2023.
Supertech MD RK Arora
The project is worth 1499 crores
The project for which the money was given was estimated to cost around Rs 1499.97 crore. Which is proposed to be funded by a term loan of Rs 340 crore, promoter of Rs 453.04 crore and advance booking of Rs 706.93 crore. The bank had given a loan of Rs 140 crore for partial financing of the project. NCLT accepted the bank’s plea on July 12 and appointed an IRP.
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