# In the matter of Ram Kishore Arora Directors (powers Suspended) Of Supertech Township Projects Ltd. Vs Punjab And Sind Bank

> NCLAT judgment dated 2024-07-29. Citation: TCN-2024-NCLAT-00288. The case involves an appeal against an insolvency proceeding. The appellant, Ram Kishore…

- **Court:** NCLAT
- **Order date:** 29 Jul 2024
- **Citation:** TCN-2024-NCLAT-00288
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ram-kishore-arora-directors-powers-suspended-of-supertech-township-projects-ltd-097b3fe2

## Summary

### Background

The case involves an appeal against an insolvency proceeding. The appellant, Ram Kishore Arora Directors (Powers Suspended) Of Supertech Township Projects Ltd., is seeking to settle the dispute with the Financial Creditor, Punjab and Sind Bank. They propose to submit an appropriate proposal within 7 days. It is also submitted that 75% of development has already taken place and State of Uttar Pradesh has introduced Zero Policy Scheme and the Corporate Debtor also intend to take benefit of the said scheme. A group of homebuyers supports the appellant's proposal.

## Facts

Ram Kishore Arora Directors (Powers Suspended) Of Supertech Township Projects Ltd. filed an appeal against Punjab and Sind Bank & Anr. regarding an insolvency matter. The appellant is attempting to settle the dispute with the financial creditor, Punjab and Sind Bank, and intends to submit a proposal within 7 days. 75% of the project development is reportedly complete, and the State of Uttar Pradesh has introduced a Zero Policy Scheme, which the corporate debtor intends to utilize. A group of homebuyers supports the appellant's settlement proposal. The court has listed the appeal for further hearing on 2024-08-21. The relevance of the 75% completion and the Zero Policy Scheme is that they potentially improve the chances of a successful resolution and revival of the

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## Issues and analysis

### Issue 1: Whether the appellant should be granted time to submit a settlement proposal to the financial …

**Ratio:** The court has the discretion to grant parties time to explore settlement options,

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**Reasoning:** The court acknowledges the appellant's intention to submit a settlement proposal and the

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**Interpretation:** This reflects the court's approach to encourage settlement and resolution of

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**Application:** The court grants the appellant time to submit a settlement proposal,

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Ram Kishore Arora…
- **Respondents:** Supertech…; PUNJAB AND SIND…; +1 more

## Timeline

- **2024-07-29 — Appellant's Su…**: Appellant submits intention to settle…
- **2024-08-21 — Next Hearin…**: Appeal listed for…

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