NCLT initiates insolvency proceedings against Supertech Realtors due to a Rs 168.04 crore default.
The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Supertech Realtors, a subsidiary of Supertech, due to a default of Rs 168.04 crore with Bank of Maharashtra. NCLT appointed Anju Agarwal as interim resolution professional (IRP), suspending Supertech Realtors' board. The Supernova project, a residential apartment, office, retail, and luxury hotel, is currently under development at a cost of Rs 2,326.14 crore.
June 15, 2024
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