Latest News | Supertech Insolvency: NCLAT Asks IRP to File Status Report
Get latest articles and stories on Latest News at LatestLY. The National Company Law Appellate Tribunal (NCLAT) on Wednesday directed the Interim Resolution Professional of Supertech Ltd to submit a "status report" on claims received on the next date of the hearing on June 1.
New Delhi, May 25 (PTI) The National Company Law Appellate Tribunal (NCLAT) on Wednesday directed the Interim Resolution Professional of Supertech Ltd to submit a "status report" on claims received on the next date of the hearing on June 1.
The appellate tribunal also said that its interim order staying the constitution of the Committee of Creditors (CoC) would continue.
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"List this Appeal on 01.06.2022. Let IRP also file Status Report by the next date. In the meantime, Interim order to continue," said a three- member NCLAT bench headed by Chairperson Justice Ashok Bhushan.
Meanwhile, the NCLAT also asked the association of homebuyers of Supertech to serve a copy of their application to the IRP and petitioner, Ram Kishor Arora, Director of the suspended board of Supertech.
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Supertech is facing insolvency as the Delhi bench of NCLT on March 25 admitted a plea by its financial creditor Union Bank of India for non-payment of dues of around Rs 432 crore.
However, this was challenged by Arora before the appellate tribunal.
On this, NCLAT stayed the formation of the committee of creditors under the insolvency proceedings after the realty firm requested for time to enable it to approach the bank for negotiations.
The default pertains to the loan given by the Union Bank of India to Eco Village II project at Greater Noida (West) in Uttar Pradesh, which was being developed at a cost of Rs 1,106.45 crore.
During the last hearing, counsel representing Supertech had informed NCLAT that the realty firm had several rounds of discussions with Union Bank of India.
The realty firm had offered to make an upfront payment of Rs 10 crore with 10 crore on acceptance of OTS, however, the public sector lender asked to deposit Rs 75 crore as a condition to consider for settlement.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)