20 , May , 2022
In a recent development, Supertech’s financial creditor Union Bank of India has asked the developer to deposit Rs 75 crore as upfront cash for considering a one-time settlement (OTS) of dues. The insolvency-bound firm, after several rounds of discussions, had offered to make an upfront payment of Rs 10 crore with 10 crore on acceptance of OTS.
The NCLAT in its recent order said, “It is submitted that the Appellant has offered to make upfront payment of Rs 10 crore with (Rs) 10 crore on acceptance of OTS and (Rs) 55 crore for exclusive security. However, the Bank has asked to deposit Rs 75 crore as upfront to consider the OTS.
"As prayed, list this Appeal on May 23, 2022. Interim order to continue till then. We have already stayed the Constitution of CoC. However, there is no stay of the other steps to be taken by the IRP," it said in its order.
The counsel for the bank, Alok Kumar submitted that as per the policy of the bank, it is fully entitled to ask for an upfront 15 to 20 percent of the dues.
NCLAT has also ordered to list the appeal on May 23 and said its interim order staying formation of Committee of Creditors (CoC) would continue till then.
Meanwhile, homebuyers of Supertech also filed an intervention in the matter through their counsel Piyush Singh over refund in Twin Tower case.
Intervention Applications filed by the homebuyers may be listed on the next date, the order said.
The abovementioned default pertains to the loan given by the Union Bank of India to Eco Village II project at Greater Noida (West) in Uttar Pradesh, which was being developed at a cost of Rs 1,106.45 crore.
(WITH INPUTS TAKEN FROM PTI)
