NCLAT grants two weeks time for Supertech Township's settlement proposal

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NCLAT grants two weeks time for Supertech Township's settlement proposal - Business Standard

Quick Summary:

The Insolvency appellate tribunal NCLAT has granted two weeks more time to debt-ridden realty firm Supertech Township Projects suspended director Ram Kishore Arora to circulate the settlement proposal to both its lenders and home buyers.

"In view of the fact that Appellant is circulating a proposal for resolution of the project to the bank as well as to the homebuyers, we grant two weeks opportunity to the Appellant to complete the proposal and circulate it to the bank as well as to all the homebuyers," said a three-member NCLAT bench.

The National Company Law Appellate Tribunal (NCLAT) also suggested the realty firm facing insolvency proceedings to publish the settlement proposal on its website so that it can be accessed by all concerned stakeholders.