EoIs invited for Supertech Township’s Golf Country project

Supertech Township Project Limited, currently undergoing the Corporate Insolvency Resolution Process (CIRP), has issued a “Form-G” inviting Expressions of Interest (EOI) from prospective resolution applicants for its “Golf Country” project.

The “Golf Country” project is located at TS-05, Sector 22D, Yamuna Expressway, Uttar Pradesh-203201, and represents the majority of the Corporate Debtor’s fixed assets. Supertech Township Project Limited, with CIN U70200DL2010PLC204121, is engaged in the real estate business.

Key dates for the resolution process, as outlined in the invitation, are:

• Last date for receipt of EOI: July 21, 2025
• Date of issue of provisional list of prospective resolution applicants (PRA): July 31, 2025
• Last date for submission of objections to provisional list: August 4, 2025
• Date of issue of final list of PRA: August 14, 2025
• Date of issue of information memorandum, evaluation matrix, and request for resolution plans: August 19, 2025 (subject to CIRP extension)
• Last date for submission of resolution plans: September 25, 2025 (subject to CIRP extension)

Umesh Singhal is serving as the Interim Resolution Professional (IRP) for Supertech Township Project Limited. Interested parties can seek further details and eligibility criteria by sending a request to the IRP at “supertechcirp@gmail.com”.

The invitation highlights that the Corporate Debtor has 23 employees as of March 2025 and is registered as an MSME. This move is crucial for the future of the “Golf Country” project and aims to find a suitable resolution applicant to take over and complete the development.

Background

The National Company Law Tribunal (NCLT), New Delhi Bench, has initiated the Corporate Insolvency Resolution Process (CIRP) against Supertech Township Projects Limited in July 2024. Punjab & Sind Bank had initiated CIRP against Supertech Township Projects Limited (Corporate Debtor) on the grounds of a default amounting to ₹217 crore as of June 30, 2023.

The default stemmed from a Term Loan of ₹140 Crores sanctioned by Punjab & Sind Bank, along with other consortium members (Oriental Bank of Commerce and Bank of Maharashtra), in 2012-2013 for part-financing the Corporate Debtor’s “Golf Country” Group Housing Project in Greater Noida, UP. The Corporate Debtor failed to maintain financial discipline, leading to its account being classified as a Non-Performing Asset (NPA) on June 30, 2018. Despite repeated reminders and notices under the SARFAESI Act, the dues remained unpaid.

Supertech Township Projects Limited contested the petition on various grounds, including the authority of the signatory, the application being time-barred, and the lack of a detailed calculation chart for the claimed amount. The Corporate Debtor also argued that the Inter-Creditor Agreement mandated a coordinated approach among lenders, which it claimed was not followed.

However, the NCLT rejected these contentions. The Tribunal affirmed the authority of Punjab & Sind Bank’s signatory, ruled that the application was within the limitation period due to continuous acknowledgment of debt by the Corporate Debtor in its balance sheets and One Time Settlement (OTS) proposals, and clarified that the Corporate Debtor cannot use inter-creditor agreements to evade its liability.

With the admission of the application, Umesh Singhal was appointed as the Interim Resolution Professional (IRP) for Supertech Township Projects Limited. A moratorium under Section 14 of the IBC has been declared, prohibiting any suits or proceedings against the Corporate Debtor, transfer of its assets, or enforcement of security interests during the CIRP period. Punjab & Sind Bank has been directed to deposit ₹2,00,000 with the IRP to cover initial expenses.

Also See: Yes Bank’s unusual real estate deal with Reliance Infra raises questions over custodial role