Delhi-based Realty firm Supertech's appeal against Delhi High Court's order about the payment of dues to its lenders led by the Union Bank of India, has bene rejected by the Supreme Court. After being unable to repay Rs 678 crore borrowed for its Supernova project, the firm's account was recognised as a non-performing in 2018.
The firm later agreed with the consortiumon a one time settlement of Rs 121 crore, which was cut down to Rs 120 crore on Supertech's request. But a dispute broke out after the firm allegedly defaulted on monthly installments of Rs 4.66 crore despite receiving three reminders.
To counter this, Supertech moved Delhi HC and argued that the amount wasn't due and payable. The petition was junked by the court and as it sought alteration of the terms of the contract which can't be done without mutual consent as per the Indian Contract Act, 1872.
