NCLAT grants two weeks for Supertech Township's settlement proposal
Real Estate

NCLAT grants two weeks for Supertech Township's settlement proposal

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)

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)

Next Story
Infrastructure Transport

JNPA Becomes First Indian Port to Cross 10 Million TEU Capacity

The Jawaharlal Nehru Port Authority (JNPA), located at Uran in Navi Mumbai, has become the first port in India to achieve over 10 million TEUs (twenty-foot equivalent units) in container handling capacity.With the recent expansion, the port now operates five container terminals with a combined capacity of 10.4 million TEUs, alongside two liquid and two general cargo terminals.Handling more than half of India’s container traffic, JNPA processed 7.05 million TEUs in 2024 and has moved 15.39 million tonnes of containers and 16.64 million tonnes of total cargo in the first two months of FY 2025..

Next Story
Infrastructure Transport

Nod for Rs. 36.26 billion Expansion of Pune Metro Line 2

The Union Cabinet has approved the Rs.36.26 billion expansion of Pune Metro Line 2, adding 12.75 km of track and 13 new stations to improve east–west connectivity across the city.The project aims to link Pune’s urban core with rapidly growing suburbs, supporting the city’s rising demand for efficient and sustainable transport solutions. This expansion is part of Corridor 2 of the Pune Metro and includes two key routes: Vanaz to Chandani Chowk (Corridor 2A) and Ramwadi to Wagholi/Vitthalwadi (Corridor 2B).It will connect residential, IT, and educational hubs in areas such as Bavdhan, Koth..

Next Story
Infrastructure Transport

Assembly begins for ‘Nayak’ TBM on Thane– Borivali Twin Tunnel Project

The assembly of ‘Nayak’, the first of four Tunnel Boring Machines (TBMs) for the Thane–Borivali Twin Tube Tunnel Project, has commenced at the Thane site. Built by German firm Herrenknecht AG and deployed by Megha Engineering & Infrastructure (MEIL), the TBM marks a key milestone in Mumbai’s ambitious 11.8-km underground road corridor beneath Sanjay Gandhi National Park.The twin tunnels will reduce the Thane–Borivali travel distance by 12 km and decongest Thane Ghodbunder Road. ‘Nayak’, with a 13.2-metre diameter, is designed to bore through challenging geological conditions ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?