NCLAT Extends Supertech Settlement Proposal Deadline

30 Sep 2024 CW Team

A three-member bench of the NCLAT stated, “In view of the fact that the Appellant is circulating a proposal for resolution of the project to the bank as well as to the homebuyers, we grant two weeks opportunity to the Appellant to complete the proposal and circulate it to the bank as well as to all the homebuyers.”

The NCLAT plans to review the submitted proposal during the next hearing, considering input from counsel representing the lenders and homebuyers who have filed applications in the appeal. The bench urged any objections to the proposal to be submitted in advance.

This directive followed the counsel for Punjab and Sind Bank's remarks that they had yet to receive any proposal from Ram Kishore Arora. However, Arora’s counsel stated that a proposal for the full payment of the bank's dues had been submitted, noting that an investor is ready to pay off the bank's debt and resume construction on the stalled project.

The insolvency case arises from delays in completing the real estate project. “Counsel for the Appellant submits that more than 500 possessions have been handed over. Be that as it may, the court's primary concern is whether a mechanism exists to complete the project; failing which, insolvency is the only alternative left,” the NCLAT observed.

On July 30, the NCLAT had previously stayed insolvency proceedings against Supertech Township Projects after Arora proposed to settle disputes with Punjab and Sind Bank. Earlier, the National Company Law Tribunal (NCLT) initiated insolvency proceedings against Supertech Township Projects following a plea from Punjab and Sind Bank over a default of ?2.169 billion (?216.92 crore).

This marks the third group firm of Ram Kishore Arora-led Supertech facing the Corporate Insolvency Resolution Process (CIRP), following the initiation of CIRP against Supertech Ltd. in March 2022.

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The National Company Law Appellate Tribunal (NCLAT) has granted an additional two weeks for the suspended director of Supertech Township Projects, Ram Kishore Arora, to circulate a settlement proposal among its lenders and homebuyers. The tribunal also recommended that the proposal be published on the company's website for easier access by all stakeholders involved. A three-member bench of the NCLAT stated, “In view of the fact that the Appellant is circulating a proposal for resolution of the project to the bank as well as to the homebuyers, we grant two weeks opportunity to the Appellant to complete the proposal and circulate it to the bank as well as to all the homebuyers.” The NCLAT plans to review the submitted proposal during the next hearing, considering input from counsel representing the lenders and homebuyers who have filed applications in the appeal. The bench urged any objections to the proposal to be submitted in advance. This directive followed the counsel for Punjab and Sind Bank's remarks that they had yet to receive any proposal from Ram Kishore Arora. However, Arora’s counsel stated that a proposal for the full payment of the bank's dues had been submitted, noting that an investor is ready to pay off the bank's debt and resume construction on the stalled project. The insolvency case arises from delays in completing the real estate project. “Counsel for the Appellant submits that more than 500 possessions have been handed over. Be that as it may, the court's primary concern is whether a mechanism exists to complete the project; failing which, insolvency is the only alternative left,” the NCLAT observed. On July 30, the NCLAT had previously stayed insolvency proceedings against Supertech Township Projects after Arora proposed to settle disputes with Punjab and Sind Bank. Earlier, the National Company Law Tribunal (NCLT) initiated insolvency proceedings against Supertech Township Projects following a plea from Punjab and Sind Bank over a default of ?2.169 billion (?216.92 crore). This marks the third group firm of Ram Kishore Arora-led Supertech facing the Corporate Insolvency Resolution Process (CIRP), following the initiation of CIRP against Supertech Ltd. in March 2022.

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