The case involves an application filed by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Supertech Limited due to an alleged default in settling an amount of Rs. 431,92,53,302 as on 31.01.2021. Supertech had approached various financial institutions, including Union Bank of India, in 2013 to avail a credit facility of Rs. 350 Crores, with Union Bank's exposure being Rs. 150 Crores. This loan was intended to part-finance the development of Supertech's Eco Village II project. Subsequently, Supertech approached Union Bank and Bank of Baroda for additional financing for Phase-II of the project, resulting in a second credit facility of Rs. 200 Crores, with Union
…In 2013, Supertech approached financial institutions, including Union Bank of India, for a Rs. 350 Crore credit facility, with Union Bank's share being Rs. 150 Crores, to finance the Eco Village II project. A sanction letter was issued on 2013-10-19, revised on 2013-12-16, granting Rs. 150 Crores. Supertech deposited property title deeds as security. Later, Supertech sought additional financing from Union Bank and Bank of Baroda for Phase-II, securing Rs. 200 Crores, with Union Bank's exposure at Rs. 100 Crores. A Construction Facility Agreement was entered on 2016-09-07. Supertech defaulted on repayments, leading to the loan accounts being classified as NPA. Notices under Section 13(2) of SARFAESI Act were issued on 2019-04-24 and 2019-04-23. Union Bank filed a
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Supertech approached various financial…
Sanction lette…
The case involves an application filed by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Supertech Limited due to an alleged default in settling an amount of Rs. 431,92,53,302 as on 31.01.2021. Supertech had approached various financial institutions, including Union Bank of India, in 2013 to avail a credit facility of Rs. 350 Crores, with Union Bank's exposure being Rs. 150 Crores. This loan was intended to part-finance the development of Supertech's Eco Village II project. Subsequently, Supertech approached Union Bank and Bank of Baroda for additional financing for Phase-II of the project, resulting in a second credit facility of Rs. 200 Crores, with Union
…In 2013, Supertech approached financial institutions, including Union Bank of India, for a Rs. 350 Crore credit facility, with Union Bank's share being Rs. 150 Crores, to finance the Eco Village II project. A sanction letter was issued on 2013-10-19, revised on 2013-12-16, granting Rs. 150 Crores. Supertech deposited property title deeds as security. Later, Supertech sought additional financing from Union Bank and Bank of Baroda for Phase-II, securing Rs. 200 Crores, with Union Bank's exposure at Rs. 100 Crores. A Construction Facility Agreement was entered on 2016-09-07. Supertech defaulted on repayments, leading to the loan accounts being classified as NPA. Notices under Section 13(2) of SARFAESI Act were issued on 2019-04-24 and 2019-04-23. Union Bank filed a
…Supertech approached various financial…
Sanction lette…