The National Company Law Tribunal (NCLT) has ordered initiation of insolvency proceedings against Supertech Realtors. The two-member Delhi bench of NCLT accepted the Diwali petition of Bank of Maharashtra in the matter of non-payment of Rs 168.04 crore. 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 the dispute between Bank of Maharashtra and Supertech Realtors regarding default in payment has been going on since 2018. Finally in 2022 the bank filed a petition before NCLT.
The applicant (Bank) has submitted before the NCLT that contrary to the terms and conditions, Supertech Realtors 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 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 to be the tallest buildings in Delhi-NCR at a height of 300 metres.
Supertech is also facing
Supertech is facing the corporate insolvency resolution process (CIRP). Supertech Realtors is developing the Supernova project at a cost of Rs 2,326.14 crore on 70,002 square meter land in Sector-94, Noida. Recently, a Delhi court has booked Supertech Chairman R.K. in a money laundering case. Arora has been granted bail.
