bankruptcy Appellate tribunal NCLAT has given suspended Supertech Township Projects director Ram Kishore Arora two more weeks to send a settlement proposal to both his lenders and home buyers. The National Company Law Appellate Tribunal (NCLAT) also suggested debt-ridden real estate companies facing insolvency proceedings to share the settlement proposal on their website so that it can be accessible to all concerned stakeholders.
A three-member bench of NCLAT was conducting the hearing.
“In view of the fact that the appellant is sending a proposal for resolution of the project to the bank as well as to the home buyers, we direct the appellant to complete the proposal and file the same with the bank,” the three-member NCLAT bench said. -All home buyers are given 2 weeks time to ship. On the next date, we will consider whether the proposal submitted is acceptable or not, after hearing the arguments of the lenders as well as the lawyers of the home buyers who have filed the application and any objections raised by all on the proposal. Is.”
Ram Kishore Arora got investor
NCLAT issued these instructions on Thursday. Earlier, the lawyer of Punjab and Sindh Bank had said that he had not received any proposal from Ram Kishore Arora, promoter of Supertech Township Projects Limited. Arora’s lawyer said that a proposal has been submitted for payment of 100 per cent of the dues to the bank, which has been mentioned in the application given to the bank. He said Arora has found an investor who is ready to repay the bank loan and continue construction of the project which has been stuck for many years.
Insolvency proceedings related to real estate project
He said that the matter of bankruptcy proceedings is related to the real estate project. The case has been initiated after the project was not completed on time. NCLAT had on July 30 stayed the insolvency proceedings against Supertech Township Projects after the company proposed to settle its disputes with Punjab & Sind Bank. Earlier, the NCLT itself had directed initiation of insolvency proceedings against Supertech Township Projects on an appeal filed by Punjab & Sind Bank over defaults of Rs 216.92 crore.
