Insolvency process begins against Supertech Goup’s Supernova project in Noida

6 months, 1 week ago

Insolvency process begins against Supertech Goup’s Supernova project in Noida

Hindustan Times

The National Company Law Tribunal has initiated corporate insolvency resolution process against Supertech Group’s subsidiary Supertech Realtors Private Limited, which is developing a commercial tower at the Supernova project in Noida, Sector 94, after it failed to pay a debt of ₹150 crore to the Bank of Maharashtra, in pursuance to an order issued by the NCLT on June 12. NCLT has initiated corporate insolvency resolution process against Supertech Group’s subsidiary Supertech Realtors Private Limited, which is developing a commercial tower in Noida. Of the total financial assistance of ₹735.58 crore, Supertech Realtors on December 19, 2012, requested the Bank of Maharashtra to grant it credit facilities of ₹150 crore to partially finance the construction of residential apartments, office, retail and luxury hotel in the name and style of “Supernova” at cost of ₹2,326.14 crore on land measuring 70,002 square metres, but failed to repay the debt, said the NCLT order. “It is further made clear that all personnel connected with the corporate debtor, its promoters or any other person associated with the management of the corporate debtor are under legal obligation under Section 19 of the code to extend every assistance and cooperation to the interim resolution professional as may be required in managing the day-to-day affairs of the ‘corporate debtor’,” said NCLT order delivered on June 12, 2024, by NCLT justice Manni Sankariah Shanmuga Sundaram and member technical Dr Sanjeev Ranjan.

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History of this topic

NCLAT grants two weeks time for Supertech township's settlement proposal

2 months, 3 weeks ago

NCLAT grants two weeks time for Supertech township's settlement proposal

Hindustan Times

New Delhi, Sep 27 The Insolvency appellate tribunal NCLAT has granted two weeks more time to debt-ridden realty firm Supertech Township Projects suspended director Ram Kishore Arora to circulate the settlement proposal to both its lenders and home buyers. Insolvency appellate tribunal NCLAT has granted two weeks more time to debt-ridden realty firm Supertech Township Projects suspended director Ram Kishore …

Tribunal stays bankruptcy proceedings against Supertech Township project

4 months, 3 weeks ago

Tribunal stays bankruptcy proceedings against Supertech Township project

Hindustan Times

The National Company Law Appellate Tribunal stayed the corporate insolvency resolution proceedings against Supertech Township Projects Limited after it proposed to settle its disputes with Punjab and Sind Bank, its principal financial creditor, within seven days. “In the meantime, in pursuance of the impugned order no further steps shall be taken except collation of claims which have already been invited,” …

NCLT begins insolvency resolution process against Supertech

5 months ago

NCLT begins insolvency resolution process against Supertech

Hindustan Times

NOIDA: While admitting a petition of Bank of Punjab & Sind’s petition, the National Company Law Tribunal has begun the corporate insolvency resolution process against Supertech townships projects limited which allegedly defaulted to make payment of a loan that it took from the bank, said an order. In June, 2023, the bank had filed a plea seeking CIRP against the …

ATS, Supertech may lose group housing land near Noida airport

6 months ago

ATS, Supertech may lose group housing land near Noida airport

Hindustan Times

After builders ATS Realty and Supertech Township Project Limited repeatedly defaulted on payment of land cost dues to the Yamuna Expressway Industrial Development Authority, it is planning to partially cancel the land allotments of the two realty firms, officials in the know of the matter said. Yeida decided to cancel the land allotments partially after the two firms failed to …

NCLT orders initiating insolvency proceedings against Mantri Developers

1 year, 8 months ago

NCLT orders initiating insolvency proceedings against Mantri Developers

Hindustan Times

NCLT has directed initiating insolvency proceedings against Bengaluru-based real estate firm Mantri Developers admitting the plea filed by Indiabulls Housing Finance Ltd. Indiabulls Housing Finance Ltd had moved the Bengaluru bench of the National Company Law Tribunal claiming a default of ₹456.68 crore by Mantri Developers, part of the Mantri Group of Companies engaged in the real-estate business in Bengaluru, …

NCLAT Limits Supertech's Insolvency Process To One Project

2 years, 6 months ago

NCLAT Limits Supertech's Insolvency Process To One Project

Live Law

The National Company Law Appellate Tribunal principal bench comprising of Justice Ashok Bhushan and Mr. Naresh Salecha has modified its stay order on constitution of Committee of Creditors of Supertech Ltd. and limited the Corporate Insolvency Resolution Process of Supertech to one project i.e., Eco Village II. Earlier, the NCLAT vide its order dated 12.04.2022 while granting time to the …

How home buyers of bankrupt Supertech can submit claims online

2 years, 8 months ago

How home buyers of bankrupt Supertech can submit claims online

India TV News

Home buyers of Supertech projects in the National Capital Region can now submit their claims to insolvency resolution professional desk now as the realty developer was declared bankrupt by the National Company Law Tribunal recently. On March 25, the NCLT had declared Noida-headquartered realty major Supertech as insolvent while admitting a plea filed by the Union Bank of India over …

Supertech insolvency: What will happen to flats | Top points

2 years, 8 months ago

Supertech insolvency: What will happen to flats | Top points

India Today

Nearly 11,000 homebuyers of Supertech's ongoing housing projects in the national capital region are trying to ascertain what will happen to their flats now after the real estate developer was declared bankrupt by the National Company Law Tribunal. Acting on a petition filed by the Union Bank of India for non-payment of around Rs 432 crore worth dues, the bankruptcy …

NCLT orders insolvency proceedings against Supertech Ltd over Rs 432 crore default

2 years, 8 months ago

NCLT orders insolvency proceedings against Supertech Ltd over Rs 432 crore default

Firstpost

This is the second major setback for Noida-based developers in the last year. Acting on a petition filed by the Union Bank of India for non-payment of around Rs 432 crore worth dues, the bankruptcy court ordered the initiation of insolvency proceedings against real estate firm Supertech Ltd, one of the companies of Supertech group. The NCLT said, “there has …

Supertech declared bankrupt | Are your flats safe?

2 years, 8 months ago

Supertech declared bankrupt | Are your flats safe?

India Today

Supertech has been declared insolvent after the National Company Law Tribunal admitted the Union Bank of India's petition over non-payment of dues. This comes as Supertech was directed to demolish the realty developer's 40-storey twin towers in Emerald Court in Noida. "We have a strong record of delivering more than 40000 Flats during the last 7 years and we shall …

Supertech declared insolvent by company law tribunal

2 years, 8 months ago

Supertech declared insolvent by company law tribunal

India Today

Property developer Supertech Ltd on Friday went into insolvency after the National Company Law Tribunal admitted a petition filed by the Union Bank of India for non-payment of dues, according to a Moneycontrol report. SUPERTECH STATEMENT "In the interest of homebuyers, preference was given to construction and delivery of projects over repayment of bank dues which can be fulfilled after …

Supertech declared bankrupt after over Rs 432 crore default; over 25,000 homebuyers to be effected

2 years, 8 months ago

Supertech declared bankrupt after over Rs 432 crore default; over 25,000 homebuyers to be effected

India TV News

Highlights Delhi-NCR-based developer Supertech has been declared insolvent by National Company Law Tribunal. Delhi-NCR-based developer Supertech has been declared insolvent on March 25, several media reports said, fter the Delhi bench of the National Company Law Tribunal admitted a petition filed by the Union Bank of India for non-payment of dues. Acting on a petition filed by the Union Bank …

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Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT

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Date Of Default In Case Of Personal Guarantor Depends On Terms Of Contract Of Guarantee: NCLAT

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Date Of Default In Case Of Personal Guarantor Depends On Terms Of Contract Of Guarantee: NCLAT

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The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Arun Baroka and Barun Mitra has held that the liability of a borrower and guarantor is co-extensive but the liability of a Guarantor stems from the contract of guarantee and therefore the date of default in the case of the guarantor depends on the terms of contract of guarantee. Since …

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Non-Admission Of Claim By Resolution Professional Cannot Be Challenged First Time In Appeal Before Appellate Tribunal: NCLAT

5 days, 4 hours ago

Non-Admission Of Claim By Resolution Professional Cannot Be Challenged First Time In Appeal Before Appellate Tribunal: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Arun Baroka has held that non admission of claim in the Resolution Plan by the Resolution Plan if not challenged before the Adjudicating Authority cannot be challenged in the appeal before the NCLAT. The same Resolution Plan of Respondent Nos.2 and 3 approved by the Adjudicating Authority on 28.11.2019 …

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Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT

6 days, 14 hours ago

Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the pendency of proceedings before the NCLT for approval of the scheme of arrangement does not preclude the Financial Creditor to proceed with Section 7 application. That the very fact that the Corporate Debtor during pendency of Section 7 application has …

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Disbursement Of Non Fund-Based Facilities Cannot Be Refused By Lenders When Resolution Plan Contains Clause For Disbursement: NCLAT

1 week ago

Disbursement Of Non Fund-Based Facilities Cannot Be Refused By Lenders When Resolution Plan Contains Clause For Disbursement: NCLAT

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The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that Non Fund Based facilities cannot be refused to be disbursed when the approved Resolution Plan contains a clause for their disbursement. On the other hand, the respondents submitted that the submission of the Appellants that they do not have any obligation to issue/ …

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ED hands over BPSL’s assets worth Rs 4k crore to JSW

1 week, 1 day ago

ED hands over BPSL’s assets worth Rs 4k crore to JSW

New Indian Express

NEW DELHI: The Directorate of Enforcement handed over Bhushan Power and Steel Ltd assets worth Rs 4,025 crore to JSW, which successfully bid for BPSL under the insolvency resolution process. The enforcement directorate had attached the properties of Bhushan Power and Steel Ltd after it found the company and its promoters diverted bank funds to private investments in the form …

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1 week, 2 days ago

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Live Law

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NCLAT appoints NBCC as consultant to complete Supertech's 16 housing projects in UP, Uttarakhand, Haryana and Karnataka

1 week, 4 days ago

NCLAT appoints NBCC as consultant to complete Supertech's 16 housing projects in UP, Uttarakhand, Haryana and Karnataka

Hindustan Times

In a move that will bring relief to thousands of homebuyers, the National Company Law Appellate Tribunal has appointed the government’s construction arm NBCC as a project management consultant to complete real estate company Supertech Ltd's 16 real estate projects in Uttar Pradesh, Uttarakhand, Haryana and Karnataka at a cost of almost ₹9,500 crore. National Company Law Appellate Tribunal has …

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Petition U/S 7 Of IBC Cannot Be Barred For Default Committed Prior To S.10A Period: NCLAT

1 week, 4 days ago

Petition U/S 7 Of IBC Cannot Be Barred For Default Committed Prior To S.10A Period: NCLAT

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Approval Of Resolution Plan By CoC Cannot Be Interfered With Unless Section 30(2) Of Code Is Breached: NCLAT

2 weeks, 2 days ago

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Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that approval of Resolution Plan by the Committee Of Creditors cannot be interfered with unless it is violative of section 30 of the Code. It further argued that SRA has not implemented the Resolution Plan and matter is pending consideration before the Adjudicating Authority therefore this …

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NCLT member crunch slows down bankruptcy resolution

2 weeks, 3 days ago

NCLT member crunch slows down bankruptcy resolution

Live Mint

New Delhi: A 30% shortage of key members at India’s bankruptcy courts is slowing the process of debt resolution, according to official data. Twenty-two businesses have found debt resolution under the Insolvency and Bankruptcy Code in October-November period of this year, against 47 in the year-ago period, provisional public data from Insolvency and Bankruptcy Board of India showed. And in …

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2 weeks, 5 days ago

IBC Monthly Digest: November 2024

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NOMINAL INDEX Noida Special Economic Zone Authority Vs. Manish Agarwal & Ors., CIVIL APPEAL NOS. Case Reference: Company Appeal No.355 of 2024 The NCLAT New Delhi Bench of Justices Ashok Bhushan, Barun Mitra and Arun Baroka held that the IBC being a special statute and having a non-obstante clause under section 238 of the IBC shall prevail over the TRAI …

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2 weeks, 6 days ago

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3 weeks, 4 days ago

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3 weeks, 4 days ago

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3 weeks, 6 days ago

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Hindustan Times

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1 month ago

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Live Mint

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1 month, 1 week ago

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1 month, 1 week ago

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Live Mint

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1 month, 1 week ago

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Live Mint

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1 month, 1 week ago

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NOMINAL INDEX Noida Special Economic Zone Authority Vs. Manish Agarwal & Ors., CIVIL APPEAL NOS. NCLAT Settlement Plan U/S 12A Of IBC Cannot Be Considered By CoC After Approval Of Resolution Plan: NCLAT Case Title: Pratham Expofab Private Limited v. Mr. Anil Matta, Resolution Professional and Ors. Case Reference: Company Appeal No.355 of 2024 The NCLAT New Delhi Bench of …

Supreme Court Appeal Court Insolvency Resolution Technical Resolution Professional

Extinguishment Of Promoters' Personal Guarantees In Resolution Plan Is Valid If Plan Complies With IBC Provisions: NCLT Mumbai

1 month, 1 week ago

Extinguishment Of Promoters' Personal Guarantees In Resolution Plan Is Valid If Plan Complies With IBC Provisions: NCLT Mumbai

Live Law

The NCLT Mumbai Bench of Justices Anil Raj Chellan and Kuldip Kumar Kareer affirmed that the clause in the resolution plan for extinguishing the personal guarantees of promoters furnished in favour of all financial creditors or the commercial decision of the CoC to approve such release of personal guarantees, including guarantees executed in favour of dissenting financial creditors, will not …

Personal Resolution Promoters Applicant Resolution Plan Tribunal Respondent

IBBI Releases Discussion Paper On Real Estate Issues, Suggests Inclusion Of Land Authorities In CoC Meetings

1 month, 1 week ago

IBBI Releases Discussion Paper On Real Estate Issues, Suggests Inclusion Of Land Authorities In CoC Meetings

Live Law

On 7th November, 2024, the Insolvency and Bankruptcy Board of India has released a discussion paper on the issues related with the Real Estate with seven proposals. Proposed Inclusion of Land Authorities in Committee of Creditors Meetings In corporate insolvency resolution processes involving real estate companies land authorities are crucial but currently they not represented in the Committee of Creditors. …

Land Proposal Estate Real Authorities Suggests Allottees

The Insolvency Code’s progress: From deep haircuts to fuller recoveries

1 month, 2 weeks ago

The Insolvency Code’s progress: From deep haircuts to fuller recoveries

Live Mint

The Insolvency and Bankruptcy Code has long been associated with delays and financial creditors taking significant losses in high-profile corporate insolvencies. The National Company Law Appellate Tribunal dismissed challenges from competing bidders and upheld the resolution plan of Sarda Energy, ensuring full recovery for financial creditors. Similarly, in the more recent case of Sripriya Kumar, financial creditors received more than …

India Financial Resolution Cases Kumar Admitted Coc

Buyers in possession of plot, flat or building must be given ownership: IBBI

1 month, 2 weeks ago

Buyers in possession of plot, flat or building must be given ownership: IBBI

Hindustan Times

The Insolvency and Bankruptcy Board of India has proposed reforms to streamline the insolvency process for real estate companies and enhance protection for homebuyers. For thousands of buyers awaiting registration of housing units in projects undergoing the Bankruptcy resolution process, the IBBI has proposed that ownership of the plot, apartment or building should be transferred to buyers who are in …

Insolvency Resolution Homebuyers Voting Rights Process Estate Real

Supreme Court Orders Liquidation Of Jet Airways On Failure Of Resolution Plan

1 month, 2 weeks ago

Supreme Court Orders Liquidation Of Jet Airways On Failure Of Resolution Plan

Live Law

The Supreme Court invoked its extraordinary powers under Article 142 of the Constitution to order the liquidation of Jet Airways in view of the "peculiar and alarming" circumstance that the resolution plan has not been implemented for five years.The Court set aside the NCLAT Order which allowed the cash-strapped Jet Airways' ownership transfer to the Successful Resolution Applicant. The Court …

Court Resolution Resolution Plan Plan Crores Supreme Airways

NCLAT issues notice to Adani Power on plea contesting acquisition of Lanco Power

1 month, 2 weeks ago

NCLAT issues notice to Adani Power on plea contesting acquisition of Lanco Power

Live Mint

The National Company Law Appellate Tribunal issued a notice to Adani Power Ltd on Monday in response to a plea challenging its approved resolution plan to acquire the bankrupt Lanco Amarkantak Power Limited. The National Company Law Tribunal’s Hyderabad bench had approved Adani Power’s plan in August. Through the acquisition, Adani Power aims to enhance its status as India’s leading …

Power Acquisition Plan Nclt Adani Coc Lapl

Income Tax Notice for Past Dues Extinguished in NCLT Kolkata Case

1 month, 3 weeks ago

Income Tax Notice for Past Dues Extinguished in NCLT Kolkata Case

Live Law

The National Company Law Tribunal Kolkata bench has ruled that income tax notices, demand notices, and payments for past dues that accrued prior to the date of approval of the resolution plan stand extinguished. The Tribunal observed that the successful resolution applicant takes over the corporate debtor on a fresh slate principal and assets, and any past dues or claims, …

Law Finance Dispute Resolution Corporate Law Kolkata

NCLAT Rejects Resolution Plan of Bishwanath Traders & Investment Ltd. under Section 29A of IBC

1 month, 3 weeks ago

NCLAT Rejects Resolution Plan of Bishwanath Traders & Investment Ltd. under Section 29A of IBC

Live Law

The NCLAT New Delhi Bench of Justices Ashok Bhushan and Barun Mitra held that the eligibility/ineligibility of Successful Resolution Applicant under section 29A of the Insolvency and Bankruptcy Code (IBC) has to be seen on the date of submission of Resolution Plan. The tribunal found that when the Corporate Debtor was registered as MSME on 22.05.2022, the benefit of Section …

Law Corporate Resolution Compliance New Delhi

NCLAT Rejects RP's Attempt to Pay Pre-CIRP Dues to Creditors

1 month, 4 weeks ago

NCLAT Rejects RP's Attempt to Pay Pre-CIRP Dues to Creditors

Live Law

The NCLAT New Delhi Bench of Justices Ashok Bhushan and Arun Baroka has held that the assets of the Corporate Debtor are to be taken over by the Resolution Professions for resolution of the Corporate Debtor. The RP has to make every endeavour to protect and preserve the value of the property of the Corporate Debtor. Payment of pre-CIRP dues …

Law Finance Corporate IBC New Delhi

Financial Debt Can Be Proven From Other Relevant Documents, NCLAT New Delhi

1 month, 4 weeks ago

Financial Debt Can Be Proven From Other Relevant Documents, NCLAT New Delhi

Live Law

The NCLAT New Delhi Bench of Justices Ashok Bhushan and Barun Mitra held that a written financial contract is not a pre-condition or an exclusive requirement for proving existence of debt. It has been further amplified that the Application to Adjudicating Authority Rules, 2016 and CIRP Regulations makes it clear that financial debt can be proven from other relevant documents …

Law Finance Dispute Resolution Corporate Law New Delhi

314 Maharashtra housing projects registered with MahaRERA face insolvency proceedings

2 months, 1 week ago

314 Maharashtra housing projects registered with MahaRERA face insolvency proceedings

Hindustan Times

Mumbai:A total of 314 housing projects across Maharashtra, registered with the state's Real Estate Regulatory Authority, are currently facing insolvency and bankruptcy proceedings. A total of 314 housing projects across Maharashtra, registered with the state's Real Estate Regulatory Authority, are currently facing insolvency and bankruptcy proceedings. MahaRERA has compiled this crucial information of the projects undergoing insolvency and bankruptcy proceedings …

Maharashtra Homebuyers Projects Nclt List Proceedings Maharera

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's

2 months, 3 weeks ago

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's

New Indian Express

NEW DELHI: The Supreme Court on Thursday reserved its verdict on a plea of a US firm against the NCLAT order stopping insolvency proceedings against ed-tech firm Byju's. While hearing the matter on Wednesday, the top court had questioned the verdict of insolvency appellate tribunal NCLAT, setting aside the insolvency proceedings against Byju's and approving its Rs 158.9 crore dues …

Insolvency Insolvency Proceedings Byju Nclat Order