Project-wise Resolution of Real Estate Company (Supertech Ltd.) in CIRP Process: NCLAT

Ram Kishor Arora Suspended Director of M/s. Supertech Ltd. Vs Union Bank of India (NCLAT Delhi)

Project-wise Resolution of Real Estate Company (Supertech Limited) to be started during Corporate Insolvency Resolution Process (CIRP)

Hon’ble National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi in Company Appeal No. 406/2022, Ram Kishor Arora Suspended Director of Supertech Ltd. vs Union Bank of India & Anr., decided project wise resolution of Real Estate Company M/s Supertech Ltd. (Corporate Debtor) as part of interim relief vide order dt. 10^th June, 2022.

This appeal was filed by Suspended Director of Corporate Debtor against the order dated 25^th March, 2022 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Court –VI) admitting the Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ‘The Code’) filed by Union Bank of India praying for initiation of CIRP against Corporate Debtor.

On 12^th April, 2022, aforementioned appeal was entertained by NCLAT and direction was issued to the IRP not to constitute Committee of Creditors (COC) as time given to suspended director to approach Bank again. The suspended Director submitted detailed Settlement cum resolution plan in IA No. 1468 of 2022.

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