Supertech insolvency: NCLAT raises concern over delay in appointing IRP, slippage on deadline, ETRealty

NEW DELHI: Appellate Insolvency Tribunal NCLAT has raised concerns over construction major NBCC‘s delay in meeting deadlines set for resumption of work at Supertech Ltd‘s stalled housing projects. Besides, a three-member bench has also pulled up the authorities over the delay in appointing an interim resolution professional (IRP) for the realty firm, which is currently…

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Prolonged Timelines, 70% Haircut: IBC Needs Reforms

Chennai : The latest controversy involving Essel Group chairman Subhash Chandra has brought out the discrepancies in the Insolvency and Bankruptcy Code (IBC). The creditors have to take close to 70 per cent haircut on their claims, proceedings prolong for more than double the prescribed timeline and by then most distressed companies lose their value.…

Supertech insolvency: NCLAT raises concern over delay in appointing IRP | Company News

Appellate Insolvency Tribunal NCLAT has raised concerns over construction major NBCC’s delay in meeting deadlines set for resumption of work at Supertech Ltd’s stalled housing projects. Besides, a three-member bench has also pulled up the authorities over the delay in appointing an interim resolution professional (IRP) for the realty firm, which is currently going through…