This case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal, New Delhi) admitting an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Union Bank of India for initiating the Corporate Insolvency Resolution Process (CIRP) against M/s. Supertech Limited-Corporate Debtor. Supertech is a real estate company engaged in construction projects in the National Capital Region (NCR). Union Bank of India had granted credit facilities of Rs. 150 Crores for the 'Eco Village II Project', and later, along with Bank of Baroda, extended further credit facilities. Due to defaults in repayment, the account was declared a Non-Performing Asset (NPA). The Union Bank of India filed an application claiming Rs.
…Union Bank of India initiated CIRP against Supertech Limited due to loan defaults. The bank had extended credit facilities for the 'Eco Village II Project', and along with Bank of Baroda, extended further credit. Supertech defaulted, leading to the account being declared an NPA. The bank claimed Rs. 431,92,53,302/-. The Adjudicating Authority admitted the Section 7 application. Supertech has multiple ongoing real estate projects in the NCR. Homebuyers and IDBI Bank filed intervention applications. Supertech proposed a settlement, offering upfront payments, but the bank insisted on a higher amount. The IRP's status report detailed 20 projects of Supertech and the claims against them. The promoters expressed willingness to cooperate and arrange interim finance. The court
…Sign in to view the parties.
The Adjudicating Authority (National Company…
The appeal filed by the suspended director of…
Sign in to view related legal provisions.
This case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal, New Delhi) admitting an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Union Bank of India for initiating the Corporate Insolvency Resolution Process (CIRP) against M/s. Supertech Limited-Corporate Debtor. Supertech is a real estate company engaged in construction projects in the National Capital Region (NCR). Union Bank of India had granted credit facilities of Rs. 150 Crores for the 'Eco Village II Project', and later, along with Bank of Baroda, extended further credit facilities. Due to defaults in repayment, the account was declared a Non-Performing Asset (NPA). The Union Bank of India filed an application claiming Rs.
…Union Bank of India initiated CIRP against Supertech Limited due to loan defaults. The bank had extended credit facilities for the 'Eco Village II Project', and along with Bank of Baroda, extended further credit. Supertech defaulted, leading to the account being declared an NPA. The bank claimed Rs. 431,92,53,302/-. The Adjudicating Authority admitted the Section 7 application. Supertech has multiple ongoing real estate projects in the NCR. Homebuyers and IDBI Bank filed intervention applications. Supertech proposed a settlement, offering upfront payments, but the bank insisted on a higher amount. The IRP's status report detailed 20 projects of Supertech and the claims against them. The promoters expressed willingness to cooperate and arrange interim finance. The court
…The Adjudicating Authority (National Company…
The appeal filed by the suspended director of…
Sign in to view related legal provisions.