# In the matter of Ram Kishore Arora & Ors. vs. Punjab and Sind Bank & Anr.

> NCLAT judgment dated 2025-03-06. Citation: TCN-2025-NCLAT-00182. This case involves an appeal against the order dated 12.07.2024 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 6 Mar 2025
- **Citation:** TCN-2025-NCLAT-00182
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ram-kishore-arora-ors-vs-punjab-and-sind-bank-anr-a1e1748f

## Summary

### Background

This case involves an appeal against the order dated 12.07.2024 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, Court-IV, which admitted a Section 7 application filed by Punjab & Sind Bank against Supertech Township Projects Ltd. The corporate debtor was incorporated on 15.06.2010 to develop a residential complex named Golf Country. Punjab & Sind Bank sanctioned a term loan of Rs.140 Crore in the year 2012-2013. The corporate debtor's account was classified as NPA on 30.06.2018. The financial creditor filed an application under Section 7 of the IBC, claiming a default of Rs.216,92,87,046/- upto 30.06.2023. The Adjudicating Authority admitted the Section 7 application and appointed an Interim Resolution Professional (IRP).

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## Facts

Supertech Township Projects Ltd. was incorporated on 15.06.2010 to develop a residential complex named Golf Country. Punjab & Sind Bank sanctioned a term loan of Rs.140 Crore in 2012-2013. The account was classified as NPA on 30.06.2018. Punjab & Sind Bank filed a Section 7 application claiming a default of Rs.216,92,87,046/- upto 30.06.2023. The Adjudicating Authority admitted the application on 12.07.2024. The appellant, the suspended director, filed an appeal. The appellant submitted three settlement proposals, all of which were rejected by the lenders. YEIDA, a land-owning authority, claimed dues of Rs.741 Crores. Homebuyers filed interventions seeking recommencement of construction. The lenders unanimously rejected the OTS proposals. The Amitabh Kant

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in admitting the Section 7 application filed by …

**Ratio:** The Adjudicating Authority has the power to admit a Section 7 application if it is

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**Reasoning:** The Adjudicating Authority considered the objections raised by the corporate debtor but

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**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a

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**Application:** In this case, the Adjudicating Authority found that the requirements of Section

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Ram Kishore Arora…
- **Respondents:** Supertech…; Punjab & Si…
- **Advocates:** Abhijeet…; Siddharth…; +10 more

## Timeline

- **2010-06-15 — Incorporation of…**: Supertech Township Projects Ltd. was incorporated to develop a residential complex named…
- **2012-01-01 — Term Loan San…**: Punjab & Sind Bank sanctioned a term loan of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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