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Developer Supertech goes bankrupt: What has happened so far | Latest News India

Real property developer Supertech on Friday was declared bankrupt by the National Company Law Tribunal (NCLT). The debt of Supertech Ltd is round 1,200 crore, together with practically 150 crore loans from Union Bank of India.

Acting on a petition filed by the Union Bank of India for non-payment of round 432 crore value dues, the chapter court docket ordered the initiation of insolvency proceedings in opposition to the actual property agency. A bunch of 100 homebuyers had additionally filed insolvency circumstances in opposition to Supertech in NCLT, looking for at the very least 100 crore from Supertech.

Timeline of occasions:

2013: It was reported that Supertech reached out to a number of monetary establishments for a mortgage of 350 crore. Supertech was looking for credit score from a consortium of banks. Of this group of banks, the Union Bank of India was the main lender, and had an publicity of 150 crore.

December 30, 2013: A mortgage settlement was reportedly executed between the banks and Supertech.

Later, it has been alleged, there have been repeated defaults in cost of principal and curiosity.

April 2019: An NCLT discover was despatched to Supertech for defaults in funds. Despite this, the Real property developer once more did not pay the banks, it was claimed.

January 2020: Supertech stated it has sought 1,500 crore from the federal government’s newly created stress fund to finish its 12 ongoing housing initiatives at Noida and Greater Noida in Uttar Pradesh, PTI reported.

January 2021: Union Bank moved the NCLT claiming that Supertech had defaulted on cost of 431.92 crore.

December 2021: Union Bank of India reportedly rejected a one-time debt settlement proposal submitted by Supertech.

March 25, 2022: The chapter court docket ordered the initiation of insolvency proceedings in opposition to the actual property agency appearing on the Union Bank’s plea.

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