The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, dismissed an appeal filed by the suspended director of Supertech Realtors Pvt. Ltd against the order of the NCLT dated 12 June 2024, which had admitted a Section 7 application by the Bank of Maharashtra.
The financial creditor had sanctioned a loan of ₹150 crores in 2012 for the company’s “Supernova” project. Following defaults, the account was declared NPA in September 2018, and insolvency proceedings were initiated for a default of over ₹168 crores. The corporate debtor proposed multiple one-time settlements (OTS), including a revised proposal involving a co-developer entity from the Bhutani Group, but these were ultimately rejected by the consortium of banks.
During appeal, the suspended director argued for a reverse CIRP to complete the real estate project in the interest of homebuyers. However, the Tribunal noted that the debt and default were undisputed, earlier OTS was not honoured, and the revised settlement proposal had not been accepted by lenders. It held that the co-developer could participate only through the formal CIRP process and that the suspended director could not unilaterally impose a resolution arrangement.
The NCLAT thus upheld the NCLT’s admission of the insolvency application, directed constitution of the CoC, and dismissed the appeal, while excluding the appeal period from the CIRP timeline.
Appearances:
For Appellant: Mr. Abhijeet Sinha, Sr. Advocate with Mr. Siddharth Bhatli, Ms. Lashita Dhingra, Ms. Neha Bhal, Ms. Heena Kochar, Ms. Khyati Jain, Mr. Diwaker Lohia, Mr. Md. Hussain, Advocates.
For Respondents: Mr. Sudhir Makkar, Sr. Advocate with Mr. Nishant Awana, Ms. Saumya Gupta, Ms. Nitya Sharma, Mr. Vaibhav Yadav (Chief Manager), Mr. Ankur Jain (Sr. Manager), Advocates for Respondent No.1.
Ms. Anju Agarwal IRP in person with Mr. Aadil Khan and Ms. Shipra, Advocates for Respondent No.2.
Mr. Sunil Fernandes, Sr. Advocate with Mr. Palash S. Singhai and Mr. Harshal Sareen, Advocates for Applicant in IA. No. 2889 of 2025.
Mr. Gajanand Kivodiwal, Ms. Tanya Singh, Advocates for Parmesh Construction Co. Ltd.
Mr. Govind Jee, Mr. Dmanakuttan K.K & Mr. Rambha, Singh, Advocates for Home Buyers.
Ms. Ekta Choudhary, Ayush Kumar and Rushali Sikand, Advocates for Intervenor.