Project wise Insolvency Resolution of the Real Estate Company, M/s. Supertech Ltd. – Ram Kishor Arora Suspended Director of M/s. Supertech Ltd. Vs. Union Bank of India & Anr. – NCLAT New Delhi
NCLAT held that when Promoters are ready to extend all cooperation with all its staffs and employees to the IRP, we see no reason for not to direct the IRP to proceed with construction of all the projects under the overall supervision and control of the IRP. In CIRP Process, Project-Wise Resolution to be started as a test to find out the success of such Resolution. It directed that CoC be constituted for the Eco Village II Project only with all Financial Creditors including Financial Creditors/Banks/Home Buyers. The Committee of Creditors of Eco Village II Project shall start process for Resolution of Eco Village II Project. The IRP shall separate the claims received with regard to the Eco Village II Project and prepare an Information Memorandum accordingly and proceed for meeting of the CoC as per the Code. It is further directed that even for Eco Village II Project, the IRP shall carry the Project and continue the project as ongoing project by taking all assistance from the ex-management, employees, workmen etc. It cleared that other projects apart from the Eco Village II Project shall proceed as ongoing project basis under the overall supervision of the IRP. IRP in his report stated that with regard to the projects, there are separate accounts as per RERA Guidelines.