NCLT Begins Insolvency Resolution Process Against Supertech Townships Projects Limited in Noida

NCLT Initiates Insolvency Resolution Process Against Supertech Townships Projects Limited

NOIDA: The National Company Law Tribunal (NCLT) has taken a significant step by initiating the corporate insolvency resolution process (CIRP) against Supertech Townships Projects Limited. This decision came in response to a petition filed by the Bank of Punjab & Sind, seeking to recover a loan amount of ₹216 crore that the developer allegedly defaulted on.

The NCLT’s order, delivered on July 12, stated that the developer’s account was classified as non-performing assets back in 2018, raising concerns about the completion and delivery of the project named Golf Country, spread over 99 acres in Sector 22D along the Yamuna Expressway.

Despite objections from both the home-buyers and the developer, the NCLT proceeded with the CIRP, emphasizing the urgency of the situation. The bank’s plea highlighted the Supertech Township Projects Limited’s failure to repay the loan, including accrued interest, leading to the tribunal’s decision to move forward with the resolution process.

In response to the order, the bank has been directed to deposit a sum of ₹200,000 with the Interim Resolution Professional to cover the necessary expenses for the resolution process. The NCLT’s decision underscores the gravity of the situation and the need for swift action to address the financial challenges facing the project.

The Supertech Group, on the other hand, remains optimistic about resolving the issue and completing the project in collaboration with co-developers. Chairman RK Arora expressed intentions to appeal the NCLT’s decision, emphasizing the importance of finding alternative solutions in the real estate sector.

As the insolvency resolution process unfolds, stakeholders will be closely monitoring the developments to ensure a fair and equitable resolution for all parties involved. Stay tuned for more updates on this evolving story.