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    Home » NCLAT Gives Supertech Two Weeks to Finalize Settlement Proposal for Lenders and Homebuyers
    Property

    NCLAT Gives Supertech Two Weeks to Finalize Settlement Proposal for Lenders and Homebuyers

    Neeraj BhakerBy Neeraj BhakerSeptember 27, 2024No Comments2 Mins Read
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    NCLAT Gives Supertech Two Weeks to Finalize Settlement Proposal for Lenders and Homebuyers
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    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.

    See also  Surge in House Prices Post-COVID: How Much Have Prices Risen in Major Cities?

    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.

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    Neeraj Bhaker
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    Neeraj Bhaker, an MBA graduate with over 10 years of experience in the real estate and property sector, brings a wealth of knowledge to his writing. His insights cover the latest trends and updates in the industry, offering valuable perspectives to both investors and homeowners. Neeraj's expertise makes him a trusted voice in the real estate space.

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