Ashok Bhushan stays insolvency proceedings against PT Pvt Ltd

Business Business: The National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings against Partech Township Private Limited. The court imposed this stay after Supertech assured to resolve the loan related matter with Punjab and Sind Bank within seven days. This order has raised the hope of 3200 people who invested in the Supertech project to get apartments. NCLAT Chairman Justice Ashok Bhushan, Member (Technical) Barun Mitra and Member (Technical) Arun Baroka said in Tuesday’s order: “As per the order, no further action (except comparison of claims) as already requested will be taken (related to bankruptcy)”. The counsel for the appellant (Supertech Township) has submitted that the appellant is taking steps to resolve the entire dispute with the financial lender (Punjab and Sind Bank) and within seven days from today, the financial lender will send to Punjab and Sind Bank. An appropriate proposal will be submitted.” NCLAT accepted the appeal.

On July 12, 2024, the National Company Law Tribunal (NCLAT) initiated insolvency proceedings against Supertech Township Private Limited following an appeal filed by Punjab and Sind Bank. Supertech appealed to NCLAT against this order and asked the bank to make a proposal for payment within seven days. The appeal states that the support of home buyers is also in the hands of Supertech. NCLAT accepted the appeal and fixed the next date of hearing as August 21. Supertech said that 75 per cent of the development work has already been completed in the Golf Country project located in Sector 22D of Yamuna Authority area. Additionally, the company will also benefit from the zero policy scheme recently launched by Uttar Pradesh.