Supertech Township Projects lender rejects settlement proposal, NCLAT to decide on insolvency
Supertech Township Projects, has rejected the settlement proposal and NCLAT will now take a final decision on the insolvency of the debt-ridden realty firm. Counsel representing Ram Kishore Arora, the suspended director of the realty firm informed NCLAT on Thursday about the rejection of the settlement proposal.
«Counsel for the appellant (Arora) submits that they have received the communication from Punjab & Sind Bank that the proposal submitted by the appellant is not acceptable,» noted an NCLAT order recording the submissions.
A three-member bench of the National Company Law Appellate Tribunal (NCLAT) said it will have to take a «final decision» in the matter as the appeal has been pending for the last several months.
«As a last opportunity, one-week time is allowed to the appellant,» said NCLAT directing to list the matter on January 23 for the next hearing.
Supertech Township Projects is developing a Group Housing Project — Golf Country at Yamuna Expressway, Greater Noida, UP.
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