Bank of Maharashtra filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Supertech Realtors Private Limited, alleging a default of Rs. 168,04,59,415. The corporate debtor, Supertech Realtors Private Limited, had approached a consortium led by Union Bank of India for financial assistance and requested the financial creditor to grant credit facilities. The application was filed due to the corporate debtor's failure to maintain financial discipline and defaults in maintaining the accounts, leading to a huge outstanding amount. The corporate debtor argued that the application was defective, barred by limitation, and that the date of default varied in the petition. The
…Supertech Realtors Private Limited (Corporate Debtor) approached a consortium led by Union Bank of India for financial assistance of Rs. 735.58 Crores. The Corporate Debtor requested Bank of Maharashtra (Financial Creditor) to grant credit facilities of Rs. 150 Crores for the 'SUPERNOVA' project in Noida. The Financial Creditor sanctioned a term loan repayable in quarterly installments over 10 years and 4 months, with a repayment deadline of March 2023. The Corporate Debtor executed various documents, including a Demand Promissory Note, Facility Agreement, and Guarantee Deeds. The Corporate Debtor defaulted in maintaining financial discipline, leading to an outstanding amount of Rs. 168,04,59,415 as of 08.04.2022. The account was declared NPA on 28.09.2018. The Lead
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Supertech Realtors…
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Bank of Maharashtra filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Supertech Realtors Private Limited, alleging a default of Rs. 168,04,59,415. The corporate debtor, Supertech Realtors Private Limited, had approached a consortium led by Union Bank of India for financial assistance and requested the financial creditor to grant credit facilities. The application was filed due to the corporate debtor's failure to maintain financial discipline and defaults in maintaining the accounts, leading to a huge outstanding amount. The corporate debtor argued that the application was defective, barred by limitation, and that the date of default varied in the petition. The
…Supertech Realtors Private Limited (Corporate Debtor) approached a consortium led by Union Bank of India for financial assistance of Rs. 735.58 Crores. The Corporate Debtor requested Bank of Maharashtra (Financial Creditor) to grant credit facilities of Rs. 150 Crores for the 'SUPERNOVA' project in Noida. The Financial Creditor sanctioned a term loan repayable in quarterly installments over 10 years and 4 months, with a repayment deadline of March 2023. The Corporate Debtor executed various documents, including a Demand Promissory Note, Facility Agreement, and Guarantee Deeds. The Corporate Debtor defaulted in maintaining financial discipline, leading to an outstanding amount of Rs. 168,04,59,415 as of 08.04.2022. The account was declared NPA on 28.09.2018. The Lead
…Supertech Realtors…
Applicant granted a…