# In the matter of Supertech Realtors Private Limited

> NCLT judgment dated 2024-06-12. Citation: TCN-2024-NCLT-01172. The Bank of Maharashtra filed an application under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 12 Jun 2024
- **Citation:** TCN-2024-NCLT-01172
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supertech-realtors-private-limited-3dfc376a

## Summary

### Background

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.

## 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 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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## Issues and analysis

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

**Ratio:** The court relied on the principle that a Power of Attorney backed by a Board Meeting of

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**Reasoning:** The court reviewed the records and found that the Power of Attorney dated 07.06.2022 in

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**Interpretation:** The court interpreted that a valid Power of Attorney, supported by a Board

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**Application:** The court applied this principle to the facts and concluded that Mr. Sanjeev

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## Parties

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

## Timeline

- **2012-12-14 — Sanction…**: Applicant granted a term loan of Rs.…
- **2018-09-28 — Account Decla…**: The account of the Corporate Debtor was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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