Moneycontrol PRO
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now

Supertech insolvency case: NCLAT stays constitution of Committee of Creditors until April 19

On March 25, Supertech had said that it will be approaching NCLAT in appeal against the NCLT order.

Representative image

Representative image

The National Company Law Appellate Tribunal (NCLAT), on April 12, stayed the constitution of Committee Of Creditors of Supertech Ltd until April 19. The court. on April 12, listed the appeal for April 19 and the constitution of the Committee of Creditors has been stayed until then.

It was prayed that the Resolution Professional shall not constitute the Committee of Creditors till the next date of hearing since the Union Bank of India is still considering the settlement proposal by Supertech Limited.

The group which has several ongoing projects in Noida, Greater Noida, Gurugram and Ghaziabad, went into insolvency on March 25 after the Delhi bench of the National Company Law Tribunal admitted a petition filed by the Union Bank of India for non-payment of dues of Rs 431,92,53,302 as on 31.01.2021.

The NCLT had appointed Hitesh Goel as the insolvency resolution professional (IRP) for Supertech under the Insolvency and Bankruptcy Code (IBC). The tribunal had reserved its order in the case on March 17, 2022 after the one time settlement (OTS) proposed by Supertech was rejected by the bank and arguments were heard.

Reacting to the order on March 25, Supertech had said that it will be approaching NCLAT in appeal against the order.

Homebuyers and financial creditors had until April 8, 2022 to submit their claims in the Supertech insolvency case, the insolvency resolution professional (IRP) for the company said in an advertisement on March 29.

Sources told Moneycontrol that the IRP has so far received more than 8000 claims on the claim management portal and around 500 claims over the email id.

Once a company is admitted to the corporate insolvency resolution process there is a moratorium on all pending civil, consumer, RERA cases, including executions till resolution is achieved.

Supertech has been in the news lately after the Supreme Court on August 31, 2021 ordered the demolition of its 40-storey under-construction twin towers located in Noida for violation of building norms in "collusion with Noida officials".

The apex court had directed that the entire investment of 633 homebuyers who had booked flats in the twin towers be refunded with 12 percent interest from the time of the booking. About 248 homebuyers took an early refund, while 133 took flats in other Supertech projects.

The court also directed Supertech to pay the RWA (resident welfare association) of Emerald Court project Rs 2 crore for the harassment caused due to the construction of the twin towers, which would have blocked sunlight and fresh air to the existing residents of the housing project.

In February, the Noida Authority informed the Supreme Court that the demolition of the towers will be completed by May. The work on the demolition has started. The test blasts were conducted on April 10.
Moneycontrol News
first published: Apr 12, 2022 12:09 pm