Lead bank rejects Supertech plan, over to NCLAT

New Delhi: Punjab & Sind Bank, the lead lender of Supertech Township projects, has rejected a settlement proposal. The National Company Law Appelate Tribunal (NCLAT) will now take a final decision on the insolvency of the debt-ridden firm.The counsel representing Ram Kishore Arora, the suspended director of the firm, informed the NCLAT about the rejection of the settlement proposal on Thursday. "Counsel for the appellant (Arora) submits that they have received the communication from Punjab & Sind Bank that the proposal submitted by the appellant is not acceptable," noted an NCLAT order.A three-member bench of the NCLAT said it would have to take a ‘final decision' in the matter as the appeal has been pending for several months. "As a last opportunity, one-week time is allowed to the appellant," said NCLAT directing to list the matter on Jan 23 for the next hearing.Supertech is developing a group housing project, Golf Country, off the Yamuna Expressway in Greater Noida.During the proceedings of NCLAT, the registered homebuyers association submitted that many of them did not agree with the settlement proposal by Arora.Another set of homebuyers submitted that they do not support the insolvency of Supertech Township projects.NCLAT said: "Be that as it may, we have to take a final decision in the matter the appeal having been pending for last several months."On July 30, NCLAT stayed insolvency proceedings against Supertech Township after it proposed to settle its disputes with Punjab & Sind Bank. PTI