The Delhi bench of National Company Law Tribunal (NCLT) has declared real estate developer Supertech, insolvent..In an order passed on Friday, the bench of PSN Prasad (member judicial) and Rahul Bhatnagar (member technical) admitted the plea of Union Bank of India over non-clearance of dues by Supertech.Hitesh Goesl has been appointed the insolvency resolution professional (IRP) by the NCLT..Supertech owns several housing projects in and around the Delhi-NCR region and has been in a beleaguered state for quite some time.The development also comes close on the heels of a Supreme Court order in August last year whereby it was directed to demolish two of its towers in Noida since they were built in violation of building norms..“In light of the above discussion, after giving careful consideration to the entire matter, hearing the arguments of the parties and upon appreciation of documents placed on record to substantiate the claim, this Tribunal admits this petition and initiates CIRP on the Corporate Debtor with immediate effect,” the order passed by NCLT said..Advocate Aditya Parolia who has been representing around 1,500 Supertech homebuyers in various courts and legal forums said that there is no need to panic but in order to achieve their claim, homebuyers should immediately file their claim forms with the IRP.“This is will enable them to ascertain their claim in the company and to be a part of the Committee of Creditors (COC). Since all the crucial decisions of the company will now be taken after the due approval of the COC, this will enable the homebuyers to be instrumental in revival of the company. Through this process homebuyers can also ask for forensic audits in case there is a possibility of siphoning of the fund,” Parolia said..In a statement released to the media, Supertech said that it will be challenging the order of the NCLT before National Company Law Appellate Tribunal (NCLAT). The company said that all of its projects are financially viable and the order will not affect operations of any other Supertech Group Company..[Read Order]
The Delhi bench of National Company Law Tribunal (NCLT) has declared real estate developer Supertech, insolvent..In an order passed on Friday, the bench of PSN Prasad (member judicial) and Rahul Bhatnagar (member technical) admitted the plea of Union Bank of India over non-clearance of dues by Supertech.Hitesh Goesl has been appointed the insolvency resolution professional (IRP) by the NCLT..Supertech owns several housing projects in and around the Delhi-NCR region and has been in a beleaguered state for quite some time.The development also comes close on the heels of a Supreme Court order in August last year whereby it was directed to demolish two of its towers in Noida since they were built in violation of building norms..“In light of the above discussion, after giving careful consideration to the entire matter, hearing the arguments of the parties and upon appreciation of documents placed on record to substantiate the claim, this Tribunal admits this petition and initiates CIRP on the Corporate Debtor with immediate effect,” the order passed by NCLT said..Advocate Aditya Parolia who has been representing around 1,500 Supertech homebuyers in various courts and legal forums said that there is no need to panic but in order to achieve their claim, homebuyers should immediately file their claim forms with the IRP.“This is will enable them to ascertain their claim in the company and to be a part of the Committee of Creditors (COC). Since all the crucial decisions of the company will now be taken after the due approval of the COC, this will enable the homebuyers to be instrumental in revival of the company. Through this process homebuyers can also ask for forensic audits in case there is a possibility of siphoning of the fund,” Parolia said..In a statement released to the media, Supertech said that it will be challenging the order of the NCLT before National Company Law Appellate Tribunal (NCLAT). The company said that all of its projects are financially viable and the order will not affect operations of any other Supertech Group Company..[Read Order]
