The Bank of Maharashtra filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Supertech Realtors Private Limited, citing a default of Rs. 168,04,59,415. The application was filed due to the Corporate Debtor's failure to maintain financial discipline and its default in repaying the outstanding amount. The Corporate Debtor argued that the application was defective, barred by limitation, and that the date of default was inconsistent. They also cited economic slowdown, financial crunches, and land acquisition issues as reasons for the delay in project completion.
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 the Bank of Maharashtra (Financial Creditor) to grant credit facilities of Rs. 150 Crores for the 'SUPERNOVA' project in Noida. A term loan of Rs. 150 Crores was sanctioned on 14.12.2012, repayable in quarterly installments over 10 years and 4 months, ending March 2023. Various documents were executed, including a Demand Promissory Note, Facility Agreement, and Guarantee Deeds. The Corporate Debtor failed to maintain financial discipline, leading to defaults. The account was classified as Non-Performing Asset (NPA) on 28.09.2018. A Letter of Revival was executed on 23.10.2018. The
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The Bank of Maharashtra filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Supertech Realtors Private Limited, citing a default of Rs. 168,04,59,415. The application was filed due to the Corporate Debtor's failure to maintain financial discipline and its default in repaying the outstanding amount. The Corporate Debtor argued that the application was defective, barred by limitation, and that the date of default was inconsistent. They also cited economic slowdown, financial crunches, and land acquisition issues as reasons for the delay in project completion.
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 the Bank of Maharashtra (Financial Creditor) to grant credit facilities of Rs. 150 Crores for the 'SUPERNOVA' project in Noida. A term loan of Rs. 150 Crores was sanctioned on 14.12.2012, repayable in quarterly installments over 10 years and 4 months, ending March 2023. Various documents were executed, including a Demand Promissory Note, Facility Agreement, and Guarantee Deeds. The Corporate Debtor failed to maintain financial discipline, leading to defaults. The account was classified as Non-Performing Asset (NPA) on 28.09.2018. A Letter of Revival was executed on 23.10.2018. The
…Applicant granted a…
The account of the…