Case Details
Case Name: Punjab & Sind Bank vs. Supertech Township Project Limited
Court/Authority: National Company Law Tribunal (NCLT), New Delhi Court-IV
Case Number: IB/462/ND/2023
Interlocutory Application Numbers: IA/2306/ND/2026, IA/2325/ND/2026, IA/2327/ND/2026, IA/396/ND/2026, IA/1114/ND/2026, IA/1202/ND/2026, IA/1550/ND/2026, IA/1575/ND/2026, IA/1635/ND/2026, IA/1819/ND/2026, IA/2040/ND/2026
Under Section: 7 of the Insolvency & Bankruptcy Code, 2016
Order Date: 25.05.2026
Coram: Shri Mahendra Khandelwal (Member - Judicial) and Shri Atul Chaturvedi (Member - Technical)
Parties Involved
Petitioner/Applicant: Punjab & Sind Bank
Respondent: Supertech Township Project Limited
Other Parties: Allottees of commercial space (applicants in IA/2306/ND/2026), Interim Resolution Professional (IRP)
Legal Representatives:
- For some applicants: Adv. Pankaj Srivastava, Adv. Yash Jain, Adv. Aman Kumar (IA/2325/ND/2026); Mr. Sunil Fernandes, Sr. Advocate, Mr. Mrityunjay Kumar, Mr. Abhishek Anand, Ms. Vagisha Tripathi, Advocates (IA/2306/ND/2026); CS Suraj Sharma (IA/1635/ND/2026); Mr. Milan Singh Negi and Mr. Nikhil Kumar Jha, Advocates (IA/1114/ND/2026); Mr. Lokesh Malik and Ms. Atika Chaturvedi, Advs. (IA/1202/ND/2026); Mr. U N Singh Advocate (IA/4865/ND/2023); Adv. Anshul sharma, Adv. Abhishek, Adv. Vishesh Tomar (IA/1819/ND/2026)
- For the IRP: Mr. Vishal Ganda, Ms. Chhavi Jain, Mr. Rishabh Arya, Mr. Aseem Shrivastava, Mr. Rabi Karmokar, Advocates (in all IAs)
Issues / Allegations / Violations
- The application IA/2306/ND/2026 was filed by allottees of commercial space in the Supertech project.
- The core issue raised was the alleged "discriminatory and inequitable treatment" meted out to them within the proposed resolution plan for Supertech Township Project Limited.
Findings & Observations
- The learned Senior Counsel for the allottees (Mr. Sunil Fernandes) submitted, on instructions, that they were no longer pressing their first prayer, which was for the "rejection/modification of resolution plan."
- The allottees chose to pursue only their second prayer (prayer (ii)), the specifics of which are not detailed in the provided text but relate to their grievance of inequitable treatment.
- The Tribunal noted this submission and limited the scope of the IRP's required response to prayer (ii) only.
Penalties / Settlements / Directions
- The NCLT directed the Resolution Professional to file a reply in respect of the allottees' remaining prayer (prayer (ii)) within a week's time from the order date (25.05.2026).
- No monetary penalties, disgorgement, or settlements were ordered in this specific hearing.
Final Ruling & Enforcement
- The Tribunal adjourned the hearing for all applications, including IA/2306/ND/2026, IA/2325/ND/2026, and IA/2327/ND/2026.
- All matters were listed for the next hearing on 29.06.2026.
- The order for the second set of applications (Item No.408) was adjourned to the same date (29.06.2026) due to "paucity of time."
- The interim resolution process for Supertech Township Project Limited remains ongoing subject to the outcome of these applications.