NCLAT Clears Path for Insolvency Proceedings Against Supertech Realtors

The National Company Law Appellate Tribunal (NCLAT) has approved insolvency proceedings against Supertech Realtors, the developer of the Supernova project. Bank of Maharashtra filed the petition citing defaults. The consortium of banks rejected settlement proposals, leading to the continuation of the Corporate Insolvency Resolution Process (CIRP).

The National Company Law Appellate Tribunal (NCLAT) has paved the way for insolvency proceedings against Supertech Realtors over its ambitious Supernova project. The developer is facing legal action following a petition by the Bank of Maharashtra, which claims the company defaulted on its financial obligations.

After reviewing the situation, the NCLAT supported the earlier decision by the National Company Law Tribunal (NCLT) to initiate the Corporate Insolvency Resolution Process (CIRP). Efforts by the promoter, Ram Kishore Arora, to propose a settlement were rebuffed by a consortium of banks.

Supertech Realtors, a subsidiary of the realty firm Supertech, attempted to counter the allegations with a settlement offer, but the lender consortium, led by Union Bank of India, rejected the proposals. Consequently, the CIRP continues as more details unfold about this development impacting the realty sector.

(With inputs from agencies.)