NCLAT clears way for insolvency proceedings against Supertech Realtors, upholds NCLT order
A two-member NCLAT bench said the revised proposal submitted by its promoter, Ram Kishore Arora, for settlement has not been accepted by the Consortium of Banks. "We are of the view that the present is a case where the resolution of the Corporate Debtor (Supertech Realtors) has to be undertaken as per the I&B Code and CIRP Regulations, 2016, in accordance with law. We, thus, upheld the order of the Adjudicating Authority (NCLT) admitting the Section 7 application and dismissing the appeal," said NCLAT. The appellate tribunal also gave a go-ahead to the interim resolution professional appointed by NCLT to constitute the CoC (Committee of Creditors) and proceed with the CIRP in accordance with the law.
Supertech Realtors is a subsidiary of realty firm Supertech, which is also facing insolvency proceedings along with some other group companies. Supertech Realtors is developing the Supernova project at a cost of Rs 2,326.14 crore on a land measuring 70,002 square metres at Sector 94, Noida. As per the plans, the Supernova project will have 80 floors and will be the tallest building in Delhi-NCR at a height of 300 metres. Earlier, the NCLAT had put the process of constitution of the lender body CoC on hold on July 3, 2024, over Arora's plea. He had not raised any dispute.
Regarding the debt and default of Bank of Maharashtra, the realty firm -- with assistance from investor M/s Kotak Advisors --submitted a settlement proposal offering 75 per cent of the running ledger book balance. However, this was rejected by the consortium of lenders. Meanwhile, the NCLAT has been periodically extending its interim order staying the formation of CoC, as Arora has pleaded that 80 per cent of the project is complete and investors have offered to infuse funds for its construction. Finally, the consortium of banks also rejected a revised OTS proposal submitted by Arora with Parmesh Construction Company as Co-Developer, after which NCLAT moved ahead. The appellate tribunal also declined Ram Kishore Arora's plea to challenge the decision of the Financial Creditor not accepting the OTS (one time settlement) proposal submitted by him. "We are of the view that reasons which persuaded the Banks not to accept the OTS proposal cannot be gone into in these proceedings. Present is not a case, where an application filed under 12A for withdrawal of CIRP has not been approved by CoC with 90 per cent vote share, which decision has been held to be subject to judicial review on limited grounds that the decision of CoC is arbitrary," said a 32-page-long NCLAT order. The Bank of Maharashtra submitted that the dues of all Consortium Banks are above Rs 990 crore, and the Banks in their Joint Lenders' Meeting held on June 13, 2025, have deliberated on all aspects of the matter and decided not to accept the OTS.
Arora further claimed that he was not informed about the rejection of the OTS proposal. On this banks replied that the decision of the Consortium was communicated by Union Bank of India, which is the lead bank of the consortium, on July 15, 2025, and a copy of the letter has already been brought on record by them in their compilation submitted before NCLAT. For the project, Supertech Realtors approached a consortium of lenders led by Union Bank of India seeking financial assistance of Rs 7,35.58 crore. Out of this, it had also requested a credit facility of Rs 150 crore, which was granted by Bank of Maharashtra. In December 2012, a term loan of Rs 150 crore was granted. The term loan was repayable in quarterly installments in the consolidated door-to-door tenor for 10 years and 4 months by March 2023.
However, Supertech Realtors failed to maintain financial discipline and defaulted in properly maintaining the said accounts in addition to committing other breaches and violations of the credit limit, leading to the accumulation of huge outstanding.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
4 hours ago
- Mint
Income Tax: Taxpayers need to use right ITR form to file returns. Here's how to choose it
Income Tax: Fewer than 30 days are remaining before the September 15 deadline to file the income tax return (ITR) for FY 2024-25. It is crucial for taxpayers to use the correct income tax return form to avoid rejection at the time of filing it. Notably, the income tax department has released the excel utilities of ITR 1 to ITR 6 for filing tax returns for FY 2024-25. It is important to note that the I-T Department on 16 August released the excel utilities for ITR-3 and ITR-4 for filing updated returns for FY 2021-22 and FY 2022-23. Prior to this, the excel utilties for filing updated returns were released for ITR-1 and ITR-2 on 29 July. Here, we list the key features of the most common income tax return forms — ITR-1 to ITR-4. ITR-1 (Sahaj): This income tax form is meant for resident individuals who have a total income of up to ₹ 50 lakh. Different sources of income entail salary/pension, income from one house property (barring the cases where loss is carried forward) and income from other sources (such as interest from savings accounts and FDs ), along with agricultural income (for a maximum of up to ₹ 5,000). It may be noted that you are not eligible if one of these is true: you are a director of a company and invested in unlisted equity shares during previous year, you have income from business or profession, or you are a resident owning foreign assets or foreign income or more capital gains than allowed threshold with long- term capital gains under section 112A which is more than ₹ 1.25 lakh or having carried forward/ brought forward losses. ITR-2: ITR-2 can be filed by individuals or Hindu Undivided Families (HUFs) who are not eligible to file the Sahaj form. Taxpayers who do not have income from profits and gains of business or profession, and also do not have income from profits and gains of business or profession in the nature of interest, salary, bonus and commission or remuneration from a partnership firm can use this form. This income tax return form can also be filed by those taxpayers who want the income of another person, such as their spouse or a minor child, to be clubbed with their own income, provided the income that needs to be clubbed falls in one of the specified categories. Date Tax return form released 14 Aug 2025 ITR-6 excel utility released 8 Aug 2025 ITR-5 excel utility released 30 July 2025 ITR-3 offline and online utility 17 July 2025 ITR-2 online utility released 11 July 2025 ITR-2 and ITR-3 excel utilities released 4 June 2025 ITR-1 and ITR-4 online utilities released 29 May 2025 ITR-1 and ITR-4 excel utilities released (Source: Income Tax Department) ITR-3: This income tax return form is meant for individuals and HUFs engaged in business or professions requiring the maintenance of elaborate books of accounts. This category also entails professionals, including doctors, lawyers, and chartered accountants, whose income is calculated based on actual profits. ITR-4 (Sugam): This income tax form can be filed by a resident individual/ HUF/ Firm (other than LLP) who has income up to ₹ 50 lakh during a year, income from business and profession computed on a presumptive basis under sections 44AD, 44ADA or 44AE, income from salary/pension, one-house property, agricultural income (up to ₹ 5,000) and other sources. For more details on income under the presumptive tax scheme, visit this link. For all personal finance updates, visit here
Time of India
6 hours ago
- Time of India
Why FIIs selling Indian stocks is not wrong: Helios Capital's Samir Arora explains
Foreign Institutional Investors (FIIs) have been net sellers of Indian equities worth Rs 1,16,617 crore in 2025 so far but it is not a reason to worry, according to Samir Arora, founder and fund manager at Helios Capital Management. He tweeted that the FII selling this year has nothing wrong with it and is a marginal rebalancing. Arora said that the FII selling accounts are just 2% of their portfolio which is worth $750 billion. In his view, the right way to look at the data is to look at the buying/selling not just in the secondary market but also what that are buying via initial public offerings (IPOs) and qualified institutional placements (QIPs). "Why look at secondary data only? FII view on India is better understood by their total investments- their buying/selling of stocks plus their buying of stocks via IPOs and QIPs. FIIs own about 750 billion USD of stocks primarily in old, large cap names in IT, consumer and financial sector- so they are selling may be 2 pct of their portfolio to buy newer companies, smaller companies which they can only buy via IPOs or QIPs due to size. There is nothing wrong with this marginal rebalancing," he said. Why look at secondary data only? FII view on India is better understood by their total investments- their buying/selling of stocks plus their buying of stocks via IPOs and QIPs. FIIs own about 750 billion USD of stocks primarily in old, large cap names in IT, consumer and… — Samir Arora (@Iamsamirarora) August 15, 2025 Foreign Institutional Investors (FIIs) have sold domestic shares worth Rs 20,975 crore in the first fortnight of August 14. They sold shares worth Rs 10,173 crore last week. The FIIs have been net sellers on four occasions till July on a monthly basis. January saw the highest amount of FII selling at Rs 78,027 crore and was followed by Rs 34,574 crore sell off in February. In March and July months, they sold shares worth Rs 3,973 crore and Rs 17,741 crore, respectively. They were buyers in April, May and June at Rs 4,223 crore, Rs 19,860 crore and Rs 14,590 crore in June. Expert VK Vijayakumar, who is Chief Investment Strategist, Geojit Investments sees FII outflows owing to India's underperforming versus their global peers over the last six weeks. This underperformance is despite a massive DII buying aided by robust inflows into mutual funds, he said. "Trump's harsh tariffs and the straining of relations between US and India have impacted the market sentiments and, consequently, shorts have piled up pulling the market down. The tepid earnings growth, elevated valuations and modest projection of 8 to 10% earnings growth for FY26 have emboldened the bears to increase short positions, impacting the market," Vijayakumar said. Sustained FII selling in IT stocks has pulled the IT index down though the banking and financials have been relatively resilient due to fair valuations and institutional buying, he opined. Going forward, the FII activity will be influenced by the action on the tariff front, he said, adding that the latest news of easing of tensions between the U.S. and Russia and no further sanctions on Russia indicate that the secondary tariff of 25% imposed on India is unlikely to come into effect after August 27. "This is a positive. Another positive factor which can influence FII behaviour is the rating agency S&P raising India's credit rating from BBB-to BBB," he pointed out.
Economic Times
7 hours ago
- Economic Times
23% of total 56.04 crore PM Jan Dhan accounts inoperative
As many as 23 per cent of the total 56.04 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts are inoperative, Minister of State for Finance Pankaj Chaudhary said on of 56.03 crore PMJDY accounts at the end of July 31, 2025, 13.04 crore such accounts are inoperative, he said in a written reply in the Lok Sabha. Uttar Pradesh has the highest number of inoperative Jan Dhan accounts of 2.75 crore, followed by Bihar at 1.39 crore and Madhya Pradesh at 1.07 crore, he said. As per the Reserve Bank of India (RBI) guidelines dated February 18, 2009, a savings account should be treated as inoperative/dormant if there are no transactions in the account for over a period of two years. The government has taken various steps to ensure smooth functioning of PMJDY accounts, including Direct Benefit Transfer (DBT). These benefits are transferred even to the inactive accounts. Banks inform account holders in writing through letters or email or SMS about the accounts which are to become inactive and also contact the holder(s) of the inoperative accounts through letters, email or SMS on a quarterly basis, he government launches various specific campaigns from time to time for promotion of enrolment under various schemes, as well as for issues like activation of inoperative accounts, he a Gram Panchayat level Saturation Campaign has been launched from July 1, 2025 to September 30, 2025 across the country wherein Re-KYC of 'inactive PMJDY accounts' is one of the key focus activities of the campaign, he to another question, Chaudhary said there is no proposal to impose transaction charges on UPI, at present. "In order to ensure continuity of the UPI services by the ecosystem partners, the government had implemented the incentive scheme during the last four years i.e. FY 2021-22 to FY 2024-25. During this period, the government has extended incentive support of approximately Rs 8,730 crore," he said. In reply to another question, Chaudhary said Public Sector Banks (PSBs) raise capital from the market to meet their capital requirements from time to time. The robust financial strength of PSBs has boosted investors' confidence, enabling them to raise capital from the raise capital from the market in the form of equity, Basel III compliant Additional Tier-I andTier -II bonds.."Total amount of capital raised by PSBs in the form of both equity and bonds during the last three financial years (FY2022-23 to FY 2024-25) amounts to Rs 1,53,978 crore (Rs 44,942 crore in FY2022-23, Rs 57,380 crore in FY 2023-24 and Rs 51,656 core in FY 2024-25)," he fresh raising of capital by banks is used for various purposes, which included meeting the capital needs of banks to support credit growth, meeting regulatory requirements for capital adequacy, complying with minimum public shareholding norms by increasing public shareholding, replenishing AT-1 bonds due for exercising call option, strengthening the overall capital position ofthe bank and creating capital buffer for their future business requirements, he said. Replying to another question, Chaudhary said the ratio of Gross Non-Performing Assets in gold loans to the outstanding gold loans for SCBs has increased marginally from 0.20 per cent in March 2023 to 0.22 per cent in March 2025, while for Upper- and Middle-Layer NBFCs it has increased from 1.21 per cent to 2.14 per cent over the same period. The RBI has further informed that the data related to gold loans sanctioned by SCBs and NBFCs is not maintained by it, he Office of the RBI Ombudsman has received 188 complaints related to gold loans during the financial year 2024-25, he said, adding that these complaints are handled in accordance with the provisions of the RBI Integrated Ombudsman Scheme, 2021.. To a question with regard to RBI's current official position on the regulation and legal status of cryptoassets, Chaudhary replied that RBI has informed that cryptocurrencies and crypto assets do not fall under its regulatory domain.
