The National Company Law Appellate Tribunal (NCLAT) has paved the way for insolvency proceedings against Supertech Realtors over its ambitious Supernova project. The developer is facing legal action following a petition by the Bank of Maharashtra, which claims the company defaulted on its financial obligations.
After reviewing the situation, the NCLAT supported the earlier decision by the National Company Law Tribunal (NCLT) to initiate the Corporate Insolvency Resolution Process (CIRP). Efforts by the promoter, Ram Kishore Arora, to propose a settlement were rebuffed by a consortium of banks.
Supertech Realtors, a subsidiary of the realty firm Supertech, attempted to counter the allegations with a settlement offer, but the lender…