NOIDA: While admitting a petition of Bank of Punjab & Sind’s petition, the National Company Law Tribunal (NCLT) has begun the corporate insolvency resolution process (CIRP) against Supertech townships projects limited which allegedly defaulted to make payment of a loan that it took from the bank, said an order.
The NCLT’s order came in response to a plea filed by the bank that wants to recover ₹216 crore loan dues.
In June, 2023, the bank had filed a plea seeking CIRP against the Supertech townships projects limited that was developing a housing project named Golf Country, spread over 99 acres land in Sector 22D along the Yamuna Expressway.
There are around 3,000 home-buyers who are yet to get the possession of their units in the project. The home-buyers and the developer objected to CIRP, but failed to get relief.
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“In terms of section 7(7) of the Code, the Registry is hereby directed to communicate a copy of the order to the financial creditor (bank), the corporate Debtor (Supertech townships projects limited), the Interim Resolution Professional and the Registrar of Companies, NCT of Delhi & Haryana at the earliest possible but not later than seven days from today. Accordingly, the instant application filed under Section 7 of the Code, 2016 bearing I.B./462/2023 stands admitted,” said NCLT order delivered on July 12 by justice Manni Sankariah Shanmuga and Dr Sanjeev Ranjan, member technical, NCLT.
“We direct the applicant/financial creditor to deposit a sum of ₹200,000 with the Interim Resolution Professional namely Umesh Singhal to meet out the expenses to perform the functions assigned to her in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days from the date of receipt of this order by the financial creditor. The said amount, however, is subject to adjustment towards resolution process cost as per applicable rules..,” said the order.
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The bank in its plea said that the Supertech Township Projects Limited has defaulted in making the payment of ₹216 crore loan including interest.
The tribunal (NCLT) said that since the developer’s account was termed as non-performing assets in 2018 itself, the promoter cannot be considered that he will complete and deliver the project, thereby starting the CIRP.
The applicant submitted before the NCLT that the Corporate Debtor- Supertech Township Project Limited had proposed to develop a Group Housing Project – Golf Country at Plot No. TS-05, Sector-22- D, Yamuna Expressway, Greater Noida, UP.
The cost of the project was estimated around ₹1,499.97 crores, proposed to be financed by term Loan of ₹340 crores, promoter’s contribution of ₹453.04 crores and advance booking from customer of ₹706.93 crores.
On July 10, 2018 the bank issued first notice to Supertech Township Project Limited and since then the developer could not arrange the funds to complete the project.
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“The project in Yeida was held up due to land was in dispute and part possession still awaited. We will file appeal in the national company law appellate tribunal as we are in process of settling to banks by inviting co-developers in projects golf country as per Yeida policy and will complete projects with co-developer and handover to homebuyers. Admission in Insolvency and Bankruptcy Code (IBC) is not solutions in real estate projects,” said RK Arora chairman of Supertech Group.
