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The Uttar Pradesh cabinet approved the Lucknow Development Authority's plan to preserve registries for 2,747 mortgaged plots in Sushant Golf City. The LDA will complete the township's development and release plots sector by sector, while buyers can speed up processing by submitting a guarantee.
11:45 PMEconomic Times Realty
The National Company Law Appellate Tribunal has directed the NCLT and the Insolvency and Bankruptcy Board of India to recommend candidates for Supertech's insolvency resolution professional within a week. The appointed IRP will also lead the Supreme Court Committee overseeing stalled projects and chair the Project-Wise Court Committee.
6:41 AMEconomic Times RealtySummary
The Uttar Pradesh cabinet approved the Lucknow Development Authority's plan to preserve registries for 2,747 mortgaged plots in Sushant Golf City. The LDA will complete the township's development and release plots sector by sector, while buyers can speed up processing by submitting a guarantee.
The state has shifted responsibility for resolving the project from Ansal Properties to the LDA,
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The decision reduces the risk of title disruption for thousands of buyers while making the LDA responsible for finishing a stalled private development.
Summary
The National Company Law Appellate Tribunal has directed the NCLT and the Insolvency and Bankruptcy Board of India to recommend candidates for Supertech's insolvency resolution professional within a week. The appointed IRP will also lead the Supreme Court Committee overseeing stalled projects and chair the Project-Wise Court Committee.
The tribunal is tightening control after delays in appointing the IRP allowed the resolution process
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A prompt appointment could determine whether Supertech's stalled projects receive coordinated action or face further delays.
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