 "NCLAT grants Supertech’s suspended director two weeks to propose a settlement, while looming insolvency threatens the halted real estate project.")
The National Company Law Appellate Tribunal (NCLAT) has given Ram Kishore Arora, suspended director of Supertech Township Projects, an additional two weeks to share a settlement proposal with lenders and homebuyers. This decision comes as Arora aims to resolve ongoing insolvency proceedings connected to the company’s real estate project, which has faced delays. NCLAT suggested publishing the proposal online for better access among stakeholders. During the hearing, it was noted that Arora has secured an investor willing to settle the bank’s debts and resume construction. The tribunal will review the proposal in the next session, considering feedback from lenders and homebuyers.
The National Company Law Appellate Tribunal (NCLAT) has granted an additional two weeks for the suspended director of Supertech Township Projects, Ram Kishore Arora, to circulate a settlement proposal to both lenders and home buyers. This decision follows the ongoing insolvency proceedings against the debt-laden realty firm.
The NCLAT emphasized the importance of transparency, suggesting that the settlement proposal should be published on Supertech’s website to ensure access for all stakeholders. The tribunal’s three-member bench expressed that this time extension would allow Arora to adequately prepare and present the resolution proposal, which has implications for both the bank and the home buyers who are affected.
The NCLAT’s order comes after Punjab and Sind Bank’s counsel indicated that they had not yet received any proposal regarding Arora’s plan to resolve the outstanding debts. Arora’s legal team informed the tribunal that he had secured an investor willing to settle the bank’s dues and resume construction on the halted project.
The ongoing insolvency case stems from delays in completing the real estate project, which raised significant concerns for stakeholders. During previous hearings, the NCLAT acknowledged that while some home possessions had been handed over, the primary focus remained on finding a viable solution to complete the project. This case is particularly pertinent as it marks the third company within Arora’s Supertech group to enter the Corporate Insolvency Resolution Process after previous default issues.
As the deadline approaches, all eyes remain on the upcoming committee meeting at the tribunal, where they will evaluate whether the proposed settlement deserves approval based on the responses from lenders and home buyers.
Tags: NCLAT, Supertech Township Projects, insolvency proceedings, real estate news, Ram Kishore Arora, Punjab and Sind Bank, settlement proposal, corporate insolvency.
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What is the NCLAT’s decision regarding Supertech Township?
The NCLAT has given Supertech Township two weeks to present a settlement proposal. -
Why does Supertech need to submit a settlement proposal?
Supertech needs to submit the proposal to resolve ongoing legal issues and work towards settling disputes with creditors. -
What happens if Supertech doesn’t submit a proposal in two weeks?
If Supertech fails to submit the proposal, the NCLAT may take further legal actions, which could affect the company’s operations. -
How will this decision impact homeowners in Supertech Township?
This decision may help resolve issues for homeowners by leading to a faster resolution of disputes and getting their housing projects back on track. - Can Supertech request an extension beyond the two weeks?
Yes, Supertech can request an extension, but it will be up to the NCLAT to approve it.
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