There is news of great relief for Supertech homebuyers. Ram Kishore Arora, promoter and suspended director of bankrupt company Supertech Township, has got two weeks’ time from the National Company Law Appellate Tribunal (NCLAT). NCLAT has given them additional time to present settlement proposals to their lenders and flatbuyers.
Arora has been directed to share this proposal on the website, so that all stakeholders can see it. The decision was taken by a three-member bench, which said that two weeks’ time is given to complete the proposal and send it to all concerned parties. At the next hearing the tribunal will decide whether the proposal is acceptable.
Earlier, counsel for Punjab and Sind Bank had told the court that they had not received any settlement proposal from Supertech. Arora’s lawyer said that a proposal to pay 100% of the dues to the bank has been sent, and an investor has also been found who is ready to complete the project.
On July 30, NCLAT had stayed the insolvency proceedings against Supertech after the company proposed to settle the dispute with Punjab & Sind Bank.
Earlier, NBCC had talked about completing the stuck projects of Supertech. On which the decision is to be taken on 21st October. In the first phase, Ecovillage-2 of Greater Noida, Romano of Noida, Capetown, Caesar Suites of Greno, Ecovillage-3, Sports Village and Eco-City will be included. The second phase will include NorthEye (Noida), Upcountry (Yamuna Expressway), Ecovillage-1 (Greater Noida), Meerut Sports City and Green Village. The third phase will include Hilltown (Gurugram), Araville (Gurugram), Rivercrest (Rudrapur), Doon Square (Dehradun) and Mikasa (Bengaluru) projects.