Developer Supertech's Rs 432 Crore Default Led To Bankruptcy Order
NDTV
The default involves the loan given by the Union Bank of India to Supertech's Eco Village II project at Greater Noida (West) in Uttar Pradesh, which was being developed for Rs 1,106.45 crore.
The non-payment of around Rs 432 crore in dues led to India's bankruptcy court ordering insolvency proceedings against real estate firm Supertech Ltd, one of the companies of Supertech group, documents showed on Friday.
Supertech Ltd on Friday was declared bankrupt by the National Company Law Tribunal (NCLT), a move that could have a bearing on 25,000 home buyers of the firm's ongoing projects in the Delhi and NCR region.
Ruling on a petition filed by the Union Bank of India, the NCLT said: "There has been a default in payment of the financial debt" and appointed Hitesh Goyal as the Interim Resolution Professional (IRP) superseding the board of Supertech Ltd.
A two-member NCLT bench comprising PSN Prasad and Rahul Bhatnagar said the documents submitted by the financial creditor Union Bank of India as well as the corporate debtor Supertech had "substantiated" the former's claim that there was a debt on which the builder had defaulted.
