Punjab & Sind Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Supertech Township Projects Limited. The application was based on the corporate debtor's default in payment of an amount aggregating to Rs. 216,92,87,046.00. Supertech Township Projects Limited was incorporated on 15.06.2010. The corporate debtor proposed to develop a Group Housing Project named Golf Country. The cost of the project was estimated around Rs. 1499.97 Crores, proposed to be financed by a term loan of Rs. 340 Crores, promoter's contribution of Rs. 453.04 Crores, and advance booking from customers of Rs. 706.93 Crores. The financial creditor sanctioned a term loan of Rs. 140 Crores
…Punjab & Sind Bank, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Supertech Township Projects Limited, the corporate debtor. The application was based on a default of Rs. 216,92,87,046.00. Supertech was incorporated on 15.06.2010 and proposed to develop a Group Housing Project named Golf Country. The project's cost was estimated at Rs. 1499.97 Crores, to be financed by a term loan of Rs. 340 Crores, promoter's contribution of Rs. 453.04 Crores, and customer advances of Rs. 706.93 Crores. The financial creditor sanctioned a term loan of Rs. 140 Crores. Supertech created a first pari-passu charge on movable assets and a second pari-passu charge on the project land. Supertech failed
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Supertech Township…
Financial Creditor…
Punjab & Sind Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Supertech Township Projects Limited. The application was based on the corporate debtor's default in payment of an amount aggregating to Rs. 216,92,87,046.00. Supertech Township Projects Limited was incorporated on 15.06.2010. The corporate debtor proposed to develop a Group Housing Project named Golf Country. The cost of the project was estimated around Rs. 1499.97 Crores, proposed to be financed by a term loan of Rs. 340 Crores, promoter's contribution of Rs. 453.04 Crores, and advance booking from customers of Rs. 706.93 Crores. The financial creditor sanctioned a term loan of Rs. 140 Crores
…Punjab & Sind Bank, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Supertech Township Projects Limited, the corporate debtor. The application was based on a default of Rs. 216,92,87,046.00. Supertech was incorporated on 15.06.2010 and proposed to develop a Group Housing Project named Golf Country. The project's cost was estimated at Rs. 1499.97 Crores, to be financed by a term loan of Rs. 340 Crores, promoter's contribution of Rs. 453.04 Crores, and customer advances of Rs. 706.93 Crores. The financial creditor sanctioned a term loan of Rs. 140 Crores. Supertech created a first pari-passu charge on movable assets and a second pari-passu charge on the project land. Supertech failed
…Supertech Township…
Financial Creditor…