Supernova insolvency case: NCLAT to wait for lenders' decision on settlement offer from Supertech Realtors
NCLAT on Wednesday said it will wait for the decision of lenders on a revised settlement offer by Supertech Realtors, which is developing a residential apartment, offices, retail and luxury hotels at its Supernova project. NCLAT also directed the Interim Resolution Professional (IRP) not to constitute a Committee of Creditors. However, it said the construction work for the project would be continued under the supervision of IRP.
A three-member NCLAT bench observed that Supertech Realtors submitted an one-time settlement (OTS), and the lead bank principally agreed with the proposal and the proposal is under consideration by the consortium of banks.
«In the meantime, we direct that the Committee of Creditors be not constituted. However, the ongoing project may be continued under the supervision of the IRP and the IRP shall extend all cooperation by the Corporate Debtor, its officers and employees in carrying out the construction,» said the 8-page NCLAT order.
The National Company Law Appellate Tribunal further said bank accounts of the Supertech Realtors «shall be operated only with the joint signature of the IRP, only to carry out construction».
The interim order came while hearing the appeal filed by Ram Kishore Arora, director of the suspended board of Supertech Realtors, challenging the order passed by the National Company Law Tribunal (NCLT) last month.
A Delhi bench of NCLT had admitted the insolvency plea filed by the Bank of Maharashtra over a default of Rs 168.04 crore and appointed Anju Agarwal as
