NCLT admits Punjab & Sind Bk's insolvency plea vs Supertech Township
This story was originally published at 22:50 IST on 18 July 2024
Register to read our real-time news.Informist, Thursday, Jul 18, 2024
NEW DELHI – The Delhi bench of the National Company Law Tribunal has admitted a petition by Punjab & Sind Bank to start insolvency proceedings against Supertech Township Projects Ltd for defaulting on dues amounting to 2.17 bln rupees.
The tribunal appointed Umesh Singhal as interim resolution professional for the debt-ridden company to carry out the functions as per the Insolvency and Bankruptcy Code, 2016. It also ordered a moratorium against Supertech Township Projects in terms of Section 14 of the code.
"The present company application (C.P. No. (IB)- 462/(ND)/2022) stands admitted and the CIRP (corporate insolvency resolution process) is hereby initiated against Supertech Township Projects Ltd," the tribunal said in its order.
Supertech Township Projects proposed to develop a group housing project, Golf Country, in Greater Noida, Uttar Pradesh, at an estimated cost of 15 bln rupees. The project was to be financed through a term loan of 3.40 bln rupees, promoters' contribution of 4.53 bln rupees, and advance bookings from customers amounting to 7.07 bln rupees.
Thereafter, Punjab & Sind Bank sanctioned a term loan of 1.40 bln rupees for financing part of the project. The lenders--Punjab & Sind Bank, Oriental Bank of Commerce, and Bank of Maharashtra--entered into an inter-se agreement to provide the credit, and authorised Punjab & Sind Bank to act on their behalf.
Punjab & Sind Bank said that contrary to the terms and conditions of the loan agreement, Supertech Township failed to maintain financial discipline or its accounts, in addition to other violations. Consequently, the outstanding payable by the company kept rising.
Today, shares of Punjab & Sind Bank ended 2.6% higher at 65.39 rupees on the National Stock Exchange. End
Reported by Surya Tripathi
Edited by Rajeev Pai
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
