Archive · 30 Jul 2025
Supreme Housing Exits Insolvency After Lender Settlements
Imagine a company, Supreme Housing, was in big trouble and couldn't pay its debts.
They went to a special court to try to fix things.
Two big banks, ICICI Bank and Canara Bank, were owed a lot of money.
After some arguing and negotiating, Supreme Housing and ICICI Bank worked out a deal, so they asked the court to stop the process.
Canara Bank wasn't happy at first.
But Supreme Housing offered a new deal that everyone agreed to.
So, the court said okay, and Supreme Housing could leave the court's help and start fresh.
Supreme Housing exited insolvency proceedings after a settlement with lenders.
ICICI Bank and Canara Bank had initiated insolvency proceedings against the company.
The company reached a settlement with ICICI Bank, leading to a withdrawal application.
Canara Bank initially objected but later approved a settlement proposal.
The NCLT approved Supreme Housing's Section 12A application, allowing it to exit insolvency.
- Who
- Supreme Housing, ICICI Bank, Canara Bank, and the NCLT.
- What
- Supreme Housing exited insolvency proceedings after reaching settlements.
- When
- The NCLT approved the Section 12A application.
- Where
- Mumbai
- Why
- The company resolved its debts with creditors.
Original objections
Final Settlement
Canara Bank Settlement
Original objections
Initially, Canara Bank objected to the withdrawal of insolvency proceedings because their claims remained unresolved.
Final Settlement
Eventually Canara Bank approved of the settlement proposal and the withdrawal
- Company
- Supreme Housing and Hospitality Pvt Ltd
- Banks Involved
- ICICI Bank, Canara Bank
- Loan Amount (approx)
- ₹390 crore (initial), ₹800 crore+ (total dues)
- Settlement Amount (Canara Bank)
- ₹460 crore
- Insolvency Code Section
- 12A (Withdrawal)
- Court
- NCLT Mumbai