NCLT defers hearing in ICICI Bank insolvency plea against Supertech Township to Aug 16

Supertech NCLT

The National Company Law Tribunal (NCLT) at Delhi on August 9 deferred the hearing in ICICI Bank's insolvency plea against Supertech Township Project Limited to August 16.

In May 2023, the Supreme Court gave the go-ahead to the resolution plan submitted by Supertech Limited and decided not to interfere with the National Company Law Appellate Tribunal (NCLAT) order of June 2022 that allowed the company to raise funds on priority basis and complete the projects.

It also allowed the NCLAT order of no formation of a Committee of Creditors (CoC) and not to proceed with the Insolvency Bankruptcy Code (IBC) bidding process. As a result of this, the apex court permitted the projects of the Supertech to be kept as ongoing and permitted the construction of these projects be continued under the supervision of the resolution professional with the former management, its employees and workmen. The only exception to this was Eco-village-II.

Supertech was in the news after the Supreme Court ordered demolition of twin towers in Noida. The twin towers were demolished in August 2022 after the top court found that it was built through “acts of collusion between the officers of Noida and the company", and sanctioned the prosecution of officials for violation of the UP Industrial Area Development Act, 1976, and the UP Apartments Act.

Even though the court ordered the demolition within three months, multiple delays led to the final date being set for August 28, 2022.