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IBC

NCLT, Delhi Declares Supertech As Insolvent And Appoints IRP

Sindhu.T.P
26 March 2022 4:04 PM GMT
NCLT, Delhi Declares Supertech As Insolvent And Appoints IRP
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The Delhi bench of National Company Law Tribunal (NCLT) consisting of PSN Prasad (Judicial Member) and Rahul Bhatnagar ( Technical Member) admitted the plea of Union Bank of India over non-payment of dues by Supertech and appointed Hitesh Goel as the Interim Resolution Professional (IRP). The Section 7 application was filed by Union Bank Of India/Financial Creditor to...

The Delhi bench of National Company Law Tribunal (NCLT) consisting of PSN Prasad (Judicial Member) and Rahul Bhatnagar ( Technical Member) admitted the plea of Union Bank of India over non-payment of dues by Supertech and appointed Hitesh Goel as the Interim Resolution Professional (IRP).

The Section 7 application was filed by Union Bank Of India/Financial Creditor to initiate Insolvency resolution Process for under IBC for the alleged default on the part of the Corporate Debtor/ M/s Supertech Limited, in settling an amount of Rs. 431,92,53,302. The purpose of availing loan was to part finance the development of the Corporate Debtor's Project namely Eco Village II located at Group Housing Plot No. GH-01, Sector 16B, Greater Naida (West), Uttar Pradesh.

The NCLT after going through the documents and arguments raised by both the counsels, admitted the petition and initiated CIRP on the Corporate Debtor and also appointed Mr. Hitesh Goel as Interim Resolution Professional.

The NCLT declared moratorium in terms of Section 14 of the Code and further directed the IRP to make public announcement immediately .

Case Title:Union Bank of India Vs M/s Supertech Limited

Case No: IB-204/ (ND)/2021

Date of Order: 25.03.2022

Counsel for Petitioner/Financial Creditor: Adv. Alok Kumar

Counsel for Respondent/Corporate Debtor: Adv. Kanishk Khetan

Click Here To Read/Download Order

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