NCLAT Stays The Constitution Of Committee Of Creditors Of Supertech Limited

The National Company Law Appellate Tribunal (NCLAT) Principal Bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava (Member Technical) and Ms.Shreesha Meerla (Member Technical) stays the constitution of committee of creditors and adjourned the appeal preferred by suspended director of Supertech Limited against the order dated 25.03.2022 of NCLT New Delhi which initiated the CIRP against Supertech Limited to 19.04.2022.

Senior Advocate Arun Kathpalia appeared for the suspended director of Supertech limited and submitted that corporate have 30 ongoing projects and default has occurred only qua one project. He further submitted that the settlement project is pending consideration with the financial creditor Union Bank of India.

Senior Advocate P Nagesh appeared for a homebuyer association and submitted that they are not in favor of CIRP of their project.

It was further prayed that the Resolution Professional shall not constitute the Committee of Creditors till the next date of hearing since the bank is still considering the settlement proposal by Supertech Limited.

Union Bank of India submitted that the settlement project of Supertech limited was rejected by the bank yesterday.

The appeal is now posted for hearing on 19.04.2022.

Case Title: Ram Kishor Arora Suspended Director of Supertech Ltd. Vs.Union Bank of India & Anr

Case No: Comp. App. (AT)(Ins) No. 406 of 2022

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