new Delhi. The insolvency process has started against the realty company Supertech Ltd. on March 25. Union Bank owes a lot of debt to Supertech. Union Bank of India had filed an insolvency petition against Supertech with the Delhi Bench of the National Company Law Tribunal (NCLT) due to the company’s repeated defaults on repayment of loans. NCLT has accepted this petition of the bank.
According to a report by Moneycontrol, many supertech projects in Noida, Greater Noida, Gurugram and Ghaziabad are yet to be completed. Now with the start of Supertech’s Bankruptcy Process, the difficulties of about 25 thousand people (Supertec Buyer) have increased, who had booked houses in Supertech’s projects, but till now they have not been given possession of the house. Home buyers have been waiting for the last many years to get a home.
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Who will be responsible for the resolution?
The National Company Law Tribunal has appointed Hitesh Goyal, the in-solvency resolution professional (IRP) for Supertech under the Insolvency and Bankruptcy Code. The tribunal had reserved the decision in this matter on March 17, 2022. Earlier, Supertech had rejected the proposal of Union Bank to return the entire dues in a lump sum. After hearing the arguments of both the sides, NCLT has put Supertech in insolvency.
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How much is the loan, it is not known?
However, it is not yet known how much Union Bank’s debt is on Supertech. The written order of the court in this matter is still awaited. According to a Moneycontrol report, Moneycontrol had tried to contact Supertech in this matter, but the company’s side did not come till the time of writing this news. Once the corporate resolution process of a company starts, all the civil and consumer court cases as well as the cases filed in RERE get hanged.
Tags: Supertech twin tower, union bank
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