last several years Thousands of home buyers are waiting to get their homes in many residential projects of real estate company Supertech. The keys of the house are not available due to the project work being stuck midway. Another bad news has come for all those buyers. In fact, Punjab and Sindh Bank, the main lender of debt-ridden company Supertech Township Projects, has rejected the debt settlement proposal, after which NCLAT will take the final decision on initiating insolvency proceedings against the company. Due to this, thousands of home buyers waiting to get the keys of their house are disappointed. Now their wait will increase further.
Refusal to accept NCLAT’s proposal
The lawyer of suspended realty company director Ram Kishore Arora on Thursday informed the National Company Law Appellate Tribunal (NCLAT) about the rejection of the settlement offer. The NCLAT order states that the counsel for the appellant (Arora) has stated that he has received a message from Punjab & Sind Bank that the settlement proposal submitted by the appellant is not acceptable. A three-member NCLAT bench said it will have to take a ‘final decision’ in the matter as the appeal has been pending for the last several months. NCLAT directed the matter to be listed for next hearing on January 23, saying that one week’s time is given to the appellant as a last opportunity.
No support for initiating insolvency proceedings
Supertech Township Projects is developing ‘Golf Country’, a residential project on Yamuna Expressway in Greater Noida, Uttar Pradesh. A bench led by NCLAT Chairman Justice Ashok Bhushan said that the interim order passed by it earlier will remain intact. The home buyers’ association registered during the NCLAT proceedings said that customers buying homes in the project are also not convinced by Arora’s settlement offer. However another group of home buyers said they do not support initiation of insolvency proceedings against supertech township projects. Let us tell you that 49,748 houses in the projects of Superette Group are stuck in Uttar Pradesh, Uttarakhand, Haryana and Karnataka.
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