by The National Company Law Tribunal (NCLT) has ordered the initiation of insolvency proceedings against Supertech Realtors. A two-member Delhi bench of NCLT has ordered Rs. Bank of Maharashtra’s Diwali petition regarding non-payment of Rs 168.04 crore was accepted. The tribunal has appointed Anju Aggarwal as Interim Resolution Professional (IRP) while suspending the board of Supertech Realtors, a subsidiary of Supertech. Let us tell you that since 2018, there has been a dispute between Bank of Maharashtra and Supertech Realtors regarding default in payment. Finally in 2022 the bank filed a petition before the NCLT.
The petitioner (Bank) has submitted before the NCLT that contrary to the terms and conditions, Supertech Realtors has failed to maintain financial discipline. It also failed to properly maintain accounts, among many other violations. The NCLT order states that the IRP shall inter alia perform all its functions in accordance with Sections 15, 17, 18, 19, 20 and 21 of the Code, Rules and Regulations. Let us tell you that the company is developing residential apartments, offices, retail areas and luxury hotels in its Supernova project.
4 towers in the Supernova project
Supertech Group’s ambitious SuperNova project has a total of four towers – Nova East, Nova West, Astralis and Spira. These skyscrapers have 80 floors and are considered the tallest buildings in Delhi-NCR at a height of 300 meters.
Supertech is also facing
Supertech is facing the Corporate Insolvency Resolution Process (CIRP). Supertech Realtors on 70,002 sq mtr land in Sector-94, Noida at Rs. Supernova is developing the project at a cost of 2,326.14 crores. Recently, a Delhi court in a money laundering case, the chairman of Supertech R. Arora has been granted bail.
