Realty firm Supertech Ltd aims to raise approximately Rs 1,600 crore from institutional investors by July to ensure the completion of its 18 ongoing housing projects across Delhi-NCR. Chairman RK Arora stated that these projects possess positive net worth, enabling the company to finish them through fresh funding and receivables from customers. Supertech has already signed a term sheet with
Realty developer Supertech is in talks to raise Rs 300 crore as it has resumed construction on its project. NCLAT had earlier directed that the CoC be limited to just one project and that the other projects be constructed under the supervision of the insolvency resolution professional (IRP). According to management, company has tied up with investors to accelerate construction
The National Company Law Appellate Tribunal (NCLAT) On June 10,2022 ordered starting of insolvency proceedings in only one of the housing projects of realty firm Supertech Ltd and not the entire company. A two-member NCLAT bench limited the Corporate Insolvency Resolution Process (CIRP) to only “Eco Village II Project” located at Greater Noida (West). On March 25, the Delhi bench
The National Company Law Appellate Tribunal (NCLAT) on 19 April, 2022 gave Supertech one more opportunity to settle its dispute with the Union Bank of India that dragged the company to the insolvency court even as the lender rejected the realty firm’s latest one- time settlement (OTS) offer. Union Bank of India took Supertech to the insolvency court after the
NCLAT stays formation of committee of creditors to overtake Supertech The National Company Law Appellate Tribunal (NCLAT) has stayed formation of Committee of Creditors (COC) to overtake Supertech Ltd, against whom the Delhi bench of the National Company Law Tribunal had ordered bankruptcy proceedings. On the appeal filed by R K Arora, chairman of Supertech Group, NCLAT has issued notice
The National Company Law Tribunal (NCLT) New Delhi, on March 25, 2022 admitted Union Bank of India’s application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate insolvency proceedings against real estate firm Supertech. “We are satisfied that the present application is complete in all respects and the applicant financial creditor (Union Bank) is entitled to claim
