The National Company Law Appellate Tribunal (NCLAT) has given real estate company Supertech time till May 2 to settle its dispute with the Union Bank of India.

Insolvency proceedings were initiated against the Delhi-based real estate developer, Supertech, by the National Company Law Tribunal (NCLT) after it admitted a petition filed by the Union Bank of India for non-payment of dues.

The NCLT also appointed Hitesh Goel as the insolvency resolution professional (IRP) for Supertech under the Insolvency and Bankruptcy Code (IBC). However, the company promoters challenged the ruling before the National Company Law Appellate Tribunal (NCLAT) and sought an opportunity to settle the dispute out of court.

Union Bank of India submitted before NCLAT that the company should come up with a concrete settlement plan that entails “definite upfront payment” of dues.  The counsel appearing on behalf of one of the company directors said that negotiations with the bank is ongoing and requested for “one more opportunity” to enter into dialogue with the bank for giving a better proposal.

A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan said: “Considering the submissions, we adjourn this appeal to May 2, 2022”.