Supertech faces insolvency

New Delhi, July 22

The National Company Law Tribunal has directed to initiate insolvency proceedings against Supertech Township Projects on a plea filed by Punjab & Sind Bank over a default of Rs 216.92 crore.

This is the third group firm of Ram Kishor Arora-led realty major Supertech to go through the Corporate Insolvency Resolution Process (CIRP). In June, the National Company Law Tribunal (NCLT) directed to initiate CIRP against Supertech Realtors, which is developing residential apartments, offices, retail and luxury hotels at its “Supernova” projects. In March 2022, CIRP was initiated against Supertech Ltd.

Supertech is developing a Group Housing Project Greater Noida, UP.