On Friday, March 25, the National Company Law Tribunal (NCLT) declared realty firm Supertech as insolvent, reported PTI.
The Union Bank of India had filed a lawsuit in NCLT, against Supertech over non-clearance of dues. The Delhi bench then declared the realty developer as insolvent. The company had a loan of nearly Rs 150 crore Union Bank. Supertech has been in major trouble since the last year.
The Supreme Court on August 31, 2021, had ordered to demolish two Supertech towers in Noida due to violation of construction norms. The realty developer had accepted to demolish the towers at its own expense under the supervision of Noida Authority & Central Building Research Institute.
Supertech has multiple projects in hand across Delhi-NCR. The company has stated that this order won’t affect its operations & it will challenge NCLT’s order at National Company Law Appellate Tribunal (NCLAT). “In the matter of appointment of IRP (Interim Resolution Professional) in one of the Supertech Group companies by the NCLT, management of the company stated that the company will be approaching NCLAT in an appeal against the order,” the company said in a statement.