new Delhi . The National Company Law Tribunal (NCLT) on Friday declared real estate company Supertech as insolvent, adding to the woes of around 25,000 home buyers. Union Bank of India had filed a petition against Supertech for non-payment of loans, accepting which the company was declared bankrupt.
The amount of loan Supertech has to repay to the banks is not yet fully known. Full copy of the order will be issued soon.
This is also a setback for the company as it had offered one-time settlement of its debt but Union Bank did not accept the offer.
Now Supertech has only one option left to appeal against this decision of NCLT to the National Company Law Appellate Tribunal.
Recently, the Supreme Court ordered the demolition of two towers of Supertech in Noida. The Noida administration has told the Supreme Court that the 40-storey twin towers will be demolished by May 22.
The Supreme Court had also ordered that home buyers who had booked flats in Twin Towers should be returned their money by February 28.
Supertech’s lawyer S Ganesh said that 38 applications have been presented seeking refund.
—AnyTV News
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