NCLAT Grants More Time to Supertech for Settlement Proposal Amid Insolvency Proceedings

The Insolvency appellate tribunal NCLAT has given Supertech Township Projects an additional two weeks to submit a settlement proposal to both its lenders and home buyers. This real estate firm, led by Ram Kishore Arora, faces insolvency proceedings. The tribunal advised making the proposal available on its website for transparency.

The National Company Law Appellate Tribunal (NCLAT) has provided debt-ridden real estate firm Supertech Township Projects with an additional two weeks to circulate its settlement proposal among lenders and home buyers.

In a session involving the suspended director Ram Kishore Arora, the NCLAT suggested that the firm publish the proposal online to ensure accessibility for all relevant stakeholders.

The bench noted the ongoing efforts to resolve the project's issues and stated it would review the proposal's viability after hearing arguments from concerned parties, including lenders and home buyers. NCLAT's directive follows concerns from Punjab and Sind Bank's counsel about not yet receiving any settlement proposal.

(With inputs from agencies.)