NBCC’s Plan to Revive Supertech Limited Stalled Projects
In a significant development for the real estate sector, the National Buildings Construction Corporation (NBCC) has approached the Supreme Court with a proposal to complete Supertech Limited stalled projects, affecting approximately 27,000 distressed homebuyers. These projects, which span locations in the National Capital Region, Dehradun, and Bengaluru, have faced delays due to Supertech’s financial crisis and subsequent insolvency proceedings initiated in 2021.
During the hearing, advocate ML Lahoty, representing the affected homebuyers, informed the court that NBCC aims to revitalize these Supertech Limited stalled projects, which collectively involve around 51,000 residential units. Senior advocate Gopal Jain, representing NBCC, emphasized that the corporation’s intervention is modeled after the successful completion of projects associated with the Amrapali Group, where the Supreme Court had appointed NBCC to oversee the delivery of homes after similar financial misconduct allegations surfaced.
The bench, comprising Justices Sanjiv Khanna and Sanjay Kumar, agreed to list the matter for further consideration on October 1. NBCC’s application highlighted its past successes in the Amrapali case, where it has successfully handed over flats to distressed buyers. The corporation plans to submit detailed proposals for the Supertech Limited stalled projects, aiming to ensure a feasible completion process aligned with court directives to protect the interests of homebuyers, financial institutions, and the overall project execution.
As part of its strategy, NBCC intends to approach the completion of the Supertech Limited stalled projects in three phases. The first phase encompasses key developments in Greater Noida and Noida, including Eco-Village-2 and Romano. The second phase will focus on projects in Yamuna Expressway and Meerut, while the third phase will cover developments in Gurugram, Rudrapur, Dehradun, and Bengaluru.
In a recent application to the National Company Law Appellate Tribunal (NCLAT), NBCC outlined its terms for undertaking Supertech’s pending projects. The NCLAT has encouraged homebuyers and stakeholders to voice any objections regarding NBCC’s proposal for project completion.
This move comes as the Supreme Court continues to address appeals from financial creditors, including Indiabulls Asset Reconstruction Company and Union Bank of India, who challenge the NCLAT’s previous order that initiated insolvency proceedings for only one of Supertech’s projects. In May 2023, the Supreme Court endorsed a “project-wise resolution” approach for Supertech, enabling the company to proceed with construction under the supervision of an interim resolution professional.
As the real estate landscape evolves, the outcomes of these proceedings are expected to significantly impact the future of homebuyers and stakeholders involved in Supertech’s ambitious projects. With the Supreme Court’s continued oversight, there is hope for a resolution that prioritizes the needs of the affected homebuyers and restores confidence in the real estate market.
Read more: Action Against Blacklisted Architects in Gurugram
for more updates follow us on instagram
