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.