SC stays NCLAT order asking NBCC to build stalled projects of Supertech
The Supreme Court of India has stayed the National Company Law Appellate Tribunal’s (NCLAT) order appointing NBCC (India) Limited as the project management consultant for completing 16 stalled housing projects of Supertech Limited. This decision, issued on February 21, 2025, follows appeals challenging the NCLAT’s directive.
Earlier, on December 12, 2024, the NCLAT had assigned NBCC the responsibility of completing these projects, which include approximately 49,748 housing units across Uttar Pradesh, Uttarakhand, Haryana, and Karnataka, with an estimated construction cost of ₹9,500 crore. NBCC was directed to initiate the award process by March 31, 2025, and begin construction by May 1, 2025.
Supertech Limited has claimed it can deliver homes to nearly 20,000 buyers within 12 to 24 months and has submitted a proposal accordingly. In response, the Supreme Court has called for fresh proposals from Supertech and other interested firms to ensure a thorough evaluation of potential developers, aiming for the timely and efficient delivery of homes to affected buyers.
The Court’s intervention highlights the complexities of resolving large-scale real estate insolvencies and reflects its role in balancing the interests of homebuyers, developers, and financial institutions.
Corporation Bank had filed an insolvency petition against Supertech Ltd but was later withdrawn. A couple of operational creditors had also filed insolvency applications against the real estate company, but later withdrew them.
Also See: Only 11,000 home buyers to be affected by insolvency proceedings, claims Supertech
