# In the matter of Supertech Township Projects Limited

> NCLT judgment dated 2024-07-12. Citation: TCN-2024-NCLT-01017. Punjab & Sind Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 12 Jul 2024
- **Citation:** TCN-2024-NCLT-01017
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supertech-township-projects-limited-4e055811

## Summary

### Background

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

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## Facts

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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## Issues and analysis

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

**Ratio:** The Hon'ble Supreme Court in Rajendra Narottamdas Sheth & Anr. vs. Chandra Prakash

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**Reasoning:** The NCLT relied on the Hon'ble Supreme Court's decision and found that Mr. Simarjit Singh

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**Interpretation:** The legal issue revolves around the interpretation of the scope and validity of

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**Application:** In this case, Mr. Simarjit Singh was appointed as the attorney of Punjab &

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** PUNJAB AND SIND…; Punjab & Si…
- **Respondents:** Supertech…

## Timeline

- **2010-06-15 — Incorporation of…**: Supertech Township Projects…
- **2012-06-28 — Sanction of T…**: Financial Creditor sanctioned a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 6 — Persons who may initiate corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-6)

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