NCLAT grants two weeks for Supertech Township's settlement proposal

30 Sep 2024 CW Team

In its order, the three-member NCLAT bench stated: “Considering the fact that the Appellant is circulating a proposal for the resolution of the project to both the bank and homebuyers, we grant an additional two weeks for the Appellant to complete the proposal and circulate it to both parties.”

The tribunal further indicated that it would assess the proposal in the next hearing to determine its acceptability after listening to the objections raised by both the lenders and homebuyers. The bench invited any objections to be filed before the hearing.

The NCLAT's direction follows a statement by Punjab and Sind Bank's counsel, who noted that the bank had not yet received any settlement proposal from Arora. However, Arora’s counsel clarified that a proposal had been submitted, which includes a plan for 100% repayment of the bank’s dues. Additionally, Arora has secured an investor willing to clear the bank’s debt and resume the stalled construction of the project, which has been delayed for several years.

The insolvency case pertains to the incomplete real estate project, which was delayed beyond the promised timeline. Arora’s counsel mentioned that over 500 units had been handed over, but the primary concern remains the completion of the project, failing which insolvency would be the only option.

In July 2024, NCLAT had paused insolvency proceedings against Supertech Township Projects after the company expressed its intent to settle the dispute with Punjab and Sind Bank. The insolvency case was originally initiated following a Rs 2.16 billion default, leading to a plea from the bank.

This is the third entity of the Supertech group, led by Ram Kishore Arora, to undergo the Corporate Insolvency Resolution Process (CIRP). In March 2022, Supertech Ltd. also entered CIRP.

(HT)

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

The National Company Law Appellate Tribunal (NCLAT) has given an additional two weeks to the suspended director of debt-ridden Supertech Township Projects, Ram Kishore Arora, to circulate the company's settlement proposal to its lenders and homebuyers. The tribunal has also directed the realty firm to publish the proposal on its website to ensure it is accessible to all stakeholders. In its order, the three-member NCLAT bench stated: “Considering the fact that the Appellant is circulating a proposal for the resolution of the project to both the bank and homebuyers, we grant an additional two weeks for the Appellant to complete the proposal and circulate it to both parties.” The tribunal further indicated that it would assess the proposal in the next hearing to determine its acceptability after listening to the objections raised by both the lenders and homebuyers. The bench invited any objections to be filed before the hearing. The NCLAT's direction follows a statement by Punjab and Sind Bank's counsel, who noted that the bank had not yet received any settlement proposal from Arora. However, Arora’s counsel clarified that a proposal had been submitted, which includes a plan for 100% repayment of the bank’s dues. Additionally, Arora has secured an investor willing to clear the bank’s debt and resume the stalled construction of the project, which has been delayed for several years. The insolvency case pertains to the incomplete real estate project, which was delayed beyond the promised timeline. Arora’s counsel mentioned that over 500 units had been handed over, but the primary concern remains the completion of the project, failing which insolvency would be the only option. In July 2024, NCLAT had paused insolvency proceedings against Supertech Township Projects after the company expressed its intent to settle the dispute with Punjab and Sind Bank. The insolvency case was originally initiated following a Rs 2.16 billion default, leading to a plea from the bank. This is the third entity of the Supertech group, led by Ram Kishore Arora, to undergo the Corporate Insolvency Resolution Process (CIRP). In March 2022, Supertech Ltd. also entered CIRP. (HT)

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

Real Estate

07 Jul 2026

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

Infrastructure Urban

07 Jul 2026

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..