Tag: Supreme Housing and Hospitality

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NCLAT Gives Supreme Housing Final Opportunity for Canara Dues

MUMBAI: The National Company Law Appellate Tribunal (NCLAT) has granted the promoters of Supreme Housing and Hospitality an opportunity to settle their outstanding dues with Canara Bank by depositing a reduced amount of ₹460 crore into a no-lien account at the bank by June 13. The Mumbai-based real estate firm carries a total debt of ₹567 crore to the bank. The NCLAT stated, “We believe that the appellant should be given a final opportunity to clear its debt. The ₹460 crore must be deposited with the bank in a no-lien account by June 13, 2026. If the appellant fails to…

Latest StoriesRegulatory

NCLT Accepts Insolvency Plea for Supreme Housing & Hospitality

MUMBAI: The National Company Law Tribunal (NCLT) has accepted Canara Bank’s insolvency petition against Supreme Housing and Hospitality Private Limited, a Mumbai-based real estate firm, over outstanding dues exceeding ₹567 crore. This move follows several unsuccessful attempts at a one-time settlement and extended litigation. The Mumbai bench of the tribunal commenced the corporate insolvency resolution process (CIRP) against Supreme Housing on May 13 under Section 7 of the Insolvency and Bankruptcy Code (IBC). Canara Bank indicated a default amounting to ₹567.43 crore as of October 31, 2025, which includes a principal amount of ₹175.83 crore and interest dues of ₹391.60…

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Canara Bank Seeks Bids for ₹577-Crore Housing Loan Sale

MUMBAI: Canara Bank is seeking offers from financial institutions and asset reconstruction companies (ARCs) to sell its ₹577 crore debt concerning the real estate firm Supreme Housing and Hospitality, with a reserve price set at ₹500 crore through a Swiss challenge auction. The Bangalore-based bank has also filed a petition with the Mumbai NCLT to restart insolvency proceedings against the company after a one-time settlement (OTS) proposal in July did not materialize, according to a knowledgeable source. “This debt auction allows the bank to gauge interest from investors while waiting for guidance from the Mumbai NCLT. The company previously made…