In a crucial development, the National Company Law Appellate Tribunal (NCLAT) has granted Supertech Township Projects, facing insolvency proceedings, an additional two weeks to present a comprehensive settlement proposal. This proposal is to be submitted to both the project’s lenders and affected homebuyers, aiming to resolve ongoing disputes.
The case is being closely monitored as Supertech’s financial troubles have left numerous homebuyers waiting for completion, while lenders are seeking to recover their dues.
Supertech Directed to Share Settlement Proposal on Its Website
The three-member bench of the NCLAT has recommended that Supertech make its settlement proposal accessible to all concerned parties by posting it on the company’s website. This ensures that stakeholders, especially homebuyers and lenders, are kept informed of the developments.
During the hearing, NCLAT stated, “We direct the appellant to complete the settlement proposal and submit it to the bank as well as homebuyers within two weeks.”
Investor Found for Stalled Project, Says Supertech
Ram Kishore Arora, the suspended director of Supertech Township, has informed the tribunal that they have found an investor willing to repay the entire debt owed to Punjab & Sind Bank. Arora’s legal team mentioned that the investor would not only clear the outstanding dues but also help in completing the construction of the long-delayed project. The proposal for repayment of the bank’s dues has already been submitted, as per Supertech’s lawyer.
The bank, however, mentioned during the hearing that no formal proposal had yet been received.
Supertech Insolvency Proceedings Paused
This case began when Punjab & Sind Bank initiated bankruptcy proceedings due to Supertech’s failure to repay a loan of ₹216.92 crore. The insolvency process was put on hold by NCLAT on July 30 after Supertech indicated that they were seeking a settlement with the bank.
The next hearing will take place once all parties, including lenders and homebuyers, have reviewed the proposal and voiced any objections. This could mark a significant turning point for the company and its long-stalled projects.
