Informist, Wednesday, Aug. 13, 2025

--NCLAT OKs order to admit Bk of Maharashtra IBC plea vs Supertech Realtors

By Surya Tripathi

NEW DELHI – The National Company Law Appellate Tribunal on Wednesday upheld an order by the Delhi bench of the National Company Law Tribunal in 2024 to admit a petition by Bank of Maharashtra to start insolvency proceedings against Supertech Realtors Pvt. Ltd. for a debt of INR 1.68 billion. The appellate tribunal dismissed a petition by Ram Kishore Arora, suspended director of Supertech Realtors, against the Delhi tribunal's order.

"We uphold the adjudicating authority to admit appeal (by Bank of Maharashtra)," said the appellate tribunal. The insolvency resolution professional may constitute a committee of creditors of Supertech Realtors and proceed in accordance with law, the appellate tribunal added.

In 2024, the appellate tribunal had directed that the committee of creditors of debt-ridden Supertech Realtors would not be constituted for the time being. The appellate tribunal had said that Supertech Realtors' ongoing Supernova project, which was being made at a cost of INR 23.26 billion, would be continued under the supervision of its interim resolution professional.

The case pertains to Supertech Realtors approaching a consortium led by Union Bank of India seeking financial assistance to the tune of INR 7.36 billion. Out of this, Supertech Realtors requested Bank of Maharashtra to grant credit facilities to the tune of INR 1.50 billion for partial financing of development of residential apartments, office, retail and a luxury hotel by the name 'Supernova' in Noida, Uttar Pradesh.

In 2012, Bank of Maharashtra had granted a term loan of INR 1.50 billion to Supertech Realtors. The term loan was repayable in quarterly instalments in consolidated door-to-door tenor of 10 years and 4 months. Despite repeated reminders from the bank, Supertech Realtors failed to make good the defaults and breaches of the terms and conditions and the accounts were classified as non-performing assets with effect from Sep. 28, 2018.

Supertech Realtors is wholly-owned subsidiary of Supertech Ltd., which was already admitted into insolvency on a petition by Union Bank of India in 2021.

At 1052 IST, shares of Bank of Maharashtra were down 0.4% at INR 55.44 on the National Stock Exchange. End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Avishek Dutta

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