Amid IRP suspension, panel could control Supertech projects: SC
New Delhi, April 11 -- The Supreme Court on Friday hinted that stressed real estate projects of Supertech may come under a court-monitored committee as an immediate fallout of the suspension of Supertech's interim resolution professional (IRP) for two years over alleged lapses under the Insolvency and Bankruptcy Code (IBC).
A bench headed by Chief Justice of India (CJI) Surya Kant said, "Though the IRP has challenged the order of suspension in the Delhi High Court, it seems to us that since projects were under court-monitored action, propriety demands that the IRP, till he is fully exonerated by the court or any prescribed authority, will stay away from the ongoing proceedings."
The court referred to its February 5 order this year by which ...
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