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Property prices are increasing rapidly in Delhi-NCR. Besides, the number of stranded real estate projects is also increasing rapidly. The biggest reason behind this is that builders are lacking funds. In such a situation, some builders tried to complete their projects by taking loans from the banks, but they have not been able to return the money to the bank yet, hence now the banks have started taking action against such builders.

The bank rejected the offer to this real estate firm

Punjab and Sindh Bank, the main lender of debt-ridden company Supertech Township Projects, has rejected the debt settlement proposal, after which NCLAT will take the final decision on initiating insolvency proceedings against the company.

The lawyer of suspended realty company director Ram Kishore Arora on Thursday informed the National Company Law Appellate Tribunal (NCLAT) about the rejection of the settlement offer.

The NCLAT order said, the counsel for the appellant (Arora) has stated that he has received a message from Punjab and Sindh Bank that the settlement proposal presented by the appellant is not acceptable. A three-member bench of NCLAT said that it will have to take a final decision in this matter as this appeal has been pending for the last several months.

Decision will be taken on next hearing

While directing the matter to be listed for next hearing on January 23, NCLAT said, one week's time is given to the appellant as a last opportunity. Supertech Township Projects is developing 'Golf Country', a residential project on Yamuna Expressway in Greater Noida, Uttar Pradesh.

A bench led by NCLAT Chairman Justice Ashok Bhushan said that the interim order passed by it earlier will remain intact. The home buyers' association registered during the NCLAT proceedings said that customers buying homes in the project are also not in agreement with Arora's settlement offer.

However, another group of home buyers said that they do not support initiation of insolvency proceedings against Supertech township projects.