# In the matter of Supertech Realtors Private Limited

> NCLT judgment dated 2024-06-12. Citation: TCN-2024-NCLT-01181. Bank of Maharashtra filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 12 Jun 2024
- **Citation:** TCN-2024-NCLT-01181
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supertech-realtors-private-limited-14e7821b

## Summary

### Background

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

…

## Facts

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

…

## Issues and analysis

### Issue 1: Whether the present application has been …

**Ratio:** The Adjudicating Authority must ensure that the application is filed by a duly authorized

…

**Reasoning:** The Bench reviewed the records and found that the Power of Attorney dated 07.06.2022 by

…

**Interpretation:** The court interpreted the requirements for proper authorization and

…

**Application:** The Adjudicating Authority found that the provided Power of Attorney

…

## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** Bank of Maharashtr…
- **Respondents:** Supertech…

## Timeline

- **2010-05-05 — Incorporation of…**: Supertech Realtors Private…
- **2012-12-14 — Sanction…**: Applicant granted a term loan of Rs.…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supertech-realtors-private-limited-14e7821b