 "Supertech")
The National Company Law Tribunal (NCLT) on Friday initiated insolvency proceedings against real estate developer Supertech, which is engaged in more than 30 projects across north India, after a petition by Union Bank claimed unpaid dues of Rs 492 crore.
The NCLT order mentioned two transactions that have gone sour. The first was in 2015 for Eco Village II in Greater Noida with an estimated project cost of Rs 1,106 crore, in which a consortium of banks lent Rs 350 crore. Union Bank was the lead creditor in the transaction, accounting for Rs 150 crore of the loans. In 2015,
