The National Company Law Tribunal (NCLT) is scheduled to address ICICI Bank’s insolvency petition against Supertech Township Project Limited on August 16. This decision follows the deferral of the hearing that had been set for August 9.
Supertech, previously in the spotlight due to a Supreme Court order mandating the demolition of twin towers in Noida, is facing ongoing legal challenges.
The apex court’s ruling in August 2022 cited apparent collusion between Noida officials and the company, leading to the demolition. This action prompted further legal ramifications, including the sanctioning of officials for violating relevant development and apartments acts.
The insolvency turmoil ensued in March 2022 when Union Bank of India’s petition for unpaid dues was accepted by an NCLT bench. This move prompted the appointment of an interim resolution professional (IRP) to oversee Supertech, sidelining the existing board.
The ruling from the NCLT is anticipated to have a substantial effect on around 25,000 homebuyers who have been patiently awaiting the handover of their residences within Supertech’s various projects.
Amid these legal battles, Supertech’s future seemed uncertain until recently. In May 2023, the Supreme Court granted approval for the resolution plan proposed by Supertech Limited.
The court upheld the National Company Law Appellate Tribunal’s (NCLAT) decision from June 2022. This NCLAT ruling allowed Supertech to secure crucial funds on a priority basis and continue project completion.
Under this legal umbrella, the ongoing projects under Supertech’s purview have been granted the green light, allowing construction to proceed.
The resolution professional, in conjunction with the former management, staff and workers, will supervise this effort, maintaining operational continuity. It’s worth noting that Eco-village-II remains an exception to this arrangement, with distinct considerations.
