NCLT orders insolvency proceedings against Supertech Township Projects

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NCLT orders insolvency proceedings against Supertech Township Projects - Business Standard

Quick Summary:

The National Company Law Tribunal has directed to initiate insolvency proceedings against Supertech Township Projects on a plea filed by Punjab & Sind Bank over a default of Rs 216.92 crore.

On July 12, a Delhi-based NCLT bench admitted the plea against Supertech Township Projects filed by Punjab & Sind Bank and appointed Umesh Singhal as the Insolvency Resolution Professional.

Earlier in June this year, the National Company Law Tribunal (NCLT) directed to initiate CIRP against Supertech Realtors, which is developing residential apartments, offices, retail and luxury hotels at its "Supernova" projects.