NCLAT Orders Await Decision on Supertech Realtors' Settlement Offer

The National Company Law Appellate Tribunal (NCLAT) has directed lenders to review a revised settlement offer by Supertech Realtors regarding its Supernova project. The interim resolution professional is to maintain construction, and the Committee of Creditors is to be postponed. The decision of the stakeholders will be awaited.

The National Company Law Appellate Tribunal (NCLAT) on Wednesday decided to wait for the lenders' verdict on Supertech Realtors' revised settlement offer, connected to the development of the Supernova project, which includes residential apartments, offices, retail, and luxury hotels.

NCLAT also instructed the Interim Resolution Professional (IRP) to refrain from forming a Committee of Creditors, although construction on the project will proceed under IRP supervision.

The three-member NCLAT bench noted that Supertech Realtors submitted a one-time settlement offer, which has been principally accepted by the lead bank and is currently under review by a consortium of banks.

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