Realty major Supertech faces bankruptcy and insolvency proceedings

Realty major Supertech Ltd faced bankruptcy and insolvency proceedings on Friday after failing to repay its dues to the Union Bank of India (UBI).

The National Company Law Tribunal (NCLT) initiated Insolvency and Bankruptcy Code 2016 proceedings against Supertech Ltd in response to UBI's plea to demand its dues from the company. The NCLT heard the case from the UBI on March 17 and had reserved its advice for Friday morning. In addition, a group of 100 home buyers had filed insolvency proceedings against Supertech in NCLT.

NCLT has also appointed Hitesh Goyal as an Interim Resolution Professional (IRP) at Supertech, and current Chairman RK Arora and Director Mohit Arora will no longer have decision-making powers.

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