Noida: Supertech Realtors, the developer of the Supernova project, Noida Sector-94, is likely to get relief from NCLAT. During the hearing on Wednesday, July 3, 2024, the Appellate Tribunal banned the continuation of the project work under the supervision of IRP and the formation of the Committee of Creditors (CoC) in the bankruptcy case.
RK Arora, Supertech Company Chairman had filed a petition in the Appellate Tribunal against the order of NCLT declaring it bankrupt. Hearing the petition, a three-member bench of the Appellate Tribunal NCLAT issued a direction that the Committee of Creditors would not be formed. The ongoing project will be continued under the supervision of IRP. The corporate debtor, its officers and employees will provide all possible cooperation to the IRP in completing the construction work. The bank accounts of the corporate debtor will be operated under the joint signatures of the IRP only to complete the construction work.
RK Arora, Supertech Chairman appealed to the tribunal that he has offered to pay the entire amount to the Bank of Maharashtra, but 90 days have been demanded for that. This money has to be paid by taking loans from other banks. Supertech also said that to take the loan, NOC will have to be taken from the Noida Authority, for which application has been made to the authority.
The three-member bench of NCLT believes that the revised One Time Settlement (OTS) plan has been presented by Supertech to the consortium of banks, which is under consideration by the leading bank of the bank consortium. The leading bank has agreed in principle to the proposal. It is appropriate to wait for the decision of the consortium members and the leading bank on the OTS proposal to proceed further in the matter. The appellate tribunal has asked the lenders to express their opinion in this matter within 3 weeks. The next hearing will be on August 8.
Last month, the National Company Law Tribunal (NCLT) declared Supertech Realtors, the developer of the Supernova project, bankrupt while hearing a complaint by the Bank of Maharashtra and declared Anju Agarwal as the IRP. The Bank of Maharashtra’s complaint was that the bank had given a loan of about Rs 150 crore to Supertech Realtors. The Bank of Maharashtra told the court that soon after taking the loan, Supertech started defaulting in depositing the money. The builder did not pay any heed to the bank’s notice. The total outstanding of the bank on Supertech is Rs 168 crore.