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The Supreme Court has declined to grant any interim relief in respect of order passed by the National Company Law Appellate Tribunal (“NCLAT”) directing ‘project wise insolvency resolution process’ of...
Supertech Chairman R K Arora welcomed the order, saying it favoured all the stakeholders. He said the company would finish all the projects and deliver the flats within two years.
Supertech had conveyed to both NCLAT and the Supreme Court that it had arranged priority funding of up to Rs 1,600 crore from investment fund Oaktree Financial for construction and completion of the projects.
The Supertech Group condemned the action of the district administration. "The illegal action has caused tremendous hardship to the home buyers who need to visit these offices for their various needs," a company executive said., Delhi News, Times Now
(This story has not been edited by THE WEEK and is auto-generated from a PTI