New Delhi, Jul 22 (PTI) The National Company Law Tribunal has directed to initiate insolvency proceedings against Supertech Township Projects on a plea filed by Punjab & Sind Bank over a default of Rs 216.92 crore. This is the third group firm of Ram Kishor Arora-led realty major Supertech to go through the Corporate Insolvency Resolution Process (CIRP).
Earlier in June this year, the National Company Law Tribunal (NCLT) directed to initiate CIRP against Supertech Realtors, which is developing residential apartments, offices, retail and luxury hotels at its "Supernova" projects. In March 2022, CIRP was initiated against Supertech Ltd. On July 12, a Delhi-based NCLT bench admitted the plea against Supertech Township Projects filed by Punjab & Sind Bank and appointed Umesh Singhal as the Insolvency Resolution Professional.
Supertech Township Projects is developing a Group Housing Project - Golf Country at Yamuna Expressway, Greater Noida, Uttar Pradesh. The cost of the project was estimated at around Rs 1,500 crore and was proposed to be financed by a term loan of Rs 340 crore, promoter's contribution of Rs 453.04 crore and Rs 706.
93 crore advance booking amount from a customer. For that, Punjab & Sind Bank sanctioned a term loan of Rs 140 crore for part financing of the Project on March 18, 2013. Supertech Township had agreed to repay the Term Loans as per the respective sanction letters of the lenders.
But, contrary to the terms and conditions, it failed to maintain financial.