The National Company Law Appellate Tribunal is set to make a final decision on the insolvency of Supertech Township Projects after Punjab and Sind Bank, the lead lender, rejected a settlement proposal from the debt-ridden real estate firm. The case revolves around the company’s default on a ₹216.92 crore loan and its efforts to resolve the issue through negotiations.
Counsel for Ram Kishore Arora, the suspended director of Supertech Township Projects, informed the tribunal during a hearing that Punjab and Sind Bank had communicated its decision to reject the settlement proposal. This development leaves the company’s future in the hands of the appellate tribunal. The tribunal order noted, “Counsel for the appellant Ram Kishore Arora submits that they have received the communication from Punjab and Sind Bank that the proposal submitted by the appellant is not acceptable.”
A three-member bench, led by Justice Ashok Bhushan, emphasized the urgency of resolving the matter, citing the long pendency of the appeal. The tribunal allowed Ram Kishore Arora one final week to explore possible alternatives and set January 23 as the date for the next hearing. The interim order passed earlier by the tribunal remains in effect.
Supertech Township Projects, which is developing the Golf Country Group Housing Project along the Yamuna Expressway in Greater Noida, Uttar Pradesh, has been under financial stress. The Corporate Insolvency Resolution Process was initiated against the company by the Delhi bench of the National Company Law Tribunal based on a plea by Punjab and Sind Bank. The tribunal had appointed an interim resolution professional to oversee the company’s operations, but the insolvency proceedings were stayed by the National Company Law Appellate Tribunal on July 30, 2024, after Supertech Township Projects proposed a settlement.
During the hearing, homebuyers presented divided opinions. A registered homebuyers association expressed dissatisfaction with the settlement proposal submitted by Ram Kishore Arora, while another group opposed the insolvency proceedings altogether. These differing perspectives underscore the complexity of the case, as the tribunal balances the interests of creditors and homebuyers.
The rejection of the settlement proposal has left the National Company Law Appellate Tribunal with the responsibility of delivering a conclusive judgment. “Be that as it may, we have to take a final decision in the matter, the appeal having been pending for the last several months,” stated the bench. With limited time for the appellant to take further action, the case’s outcome is now critically awaited.
