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NCLT orders insolvency proceeding against Supernova project developer Supertech Realtors
Update / Judgement Date
15 Jun 2024
Source
Author
Team — WCP Legal Desk
Reading Time
1 min read
Insolvency & Bankruptcy Code
The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Supertech Realtors, developer of the Supernova project in Noida, following a default of Rs 168.04 crore on a loan from the Bank of Maharashtra. The two-member Delhi bench of NCLT admitted the insolvency plea and appointed Anju Agarwal as interim resolution professional (IRP), suspending Supertech Realtors' board.
The project, costing Rs 2,326.14 crore and spanning 70,002 square metres in Sector 94, Noida, aims to be Delhi-NCR's tallest building at 300 metres with 80 floors. Supertech had sought financial assistance of Rs 7,35.58 crore from a consortium led by Union Bank of India, securing a credit facility of Rs 150 crore from Bank of Maharashtra in December 2012.
The NCLT's order includes a moratorium on Supertech's transactions under the Insolvency and Bankruptcy Code, with a public announcement mandated by the IRP.
