The NCLAT has stayed bankruptcy proceedings against Supertech Township, providing a temporary respite for homebuyers and the developer to negotiate a settlement.
In a significant development, the National Company Law Appellate Tribunal (NCLAT) has temporarily halted the insolvency proceedings initiated against Supertech Township Projects Limited. The decision comes after the embattled real estate developer proposed a settlement with Punjab & Sind Bank, its primary creditor, within a week. The bank had initiated the insolvency process over a defaulted loan of Rs 216 crore.
The Supertech Township project, encompassing approximately 3,200 homebuyers, has faced delays and legal hurdles in the past. This latest development offers a glimmer of hope for homebuyers who have been eagerly awaiting possession of their units. The NCLAT’s order has granted a temporary reprieve to the project, allowing Supertech and the bank time to negotiate a resolution. However, the path to a final settlement remains uncertain, and homebuyers will be closely watching the developments.
