Supertech Limited has been granted relief by the National Company Law Appellate Tribunal (NCLAT). In fact, the formation of the Committee of Creditors (CoC) under the insolvency process has been postponed till April 19.
A bench headed by NCLAT Chairperson Justice Ashok Bhushan said, “Following their request, their appeal be listed for Tuesday, April 19, next week.” Till then the Insolvency Resolution Professional (IRP) should not constitute the CoC.
Let us tell you that the real estate company Supertech had sought some time for talks with the banks. During the hearing before the appellate tribunal, Supertech’s counsel requested for deferment of the matter by a week to give the company time to negotiate with the banks.