Union Bank of India pursues insolvency against Supertech over Rs 432-crore default
1 report, 1 independent
Updated Sep 1
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What happened
Union Bank of India initiated insolvency proceedings against Supertech concerning a Rs 432-crore default linked to the Eco Village II project. The case was admitted by the NCLT on March 25, 2021, and the matter has involved the Supreme Court. The proceedings are part of a larger revival plan for 16 stalled projects across NCR.
From indiatimes.com
Why it matters
NBCC was appointed as the implementing agency to oversee the revival of the projects. The agency plans to issue tenders in phases, starting October 1, for various construction packages. This process offers a path for the recovery of the defaulted funds.
From indiatimes.com
Who's involved
- Union Bank of IndiaInitiating party in insolvency proceedings against Supertech
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The entities involved
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Union Bank of India
Indian government-owned banking company
Nothing else this week.
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supreme court
highest court in a jurisdiction