Supreme Court Halts NCLAT’s Directive on NBCC Completing Supertech Projects
Overview In a major legal development, the Supreme Court of India has put a hold on the National Company Law Appellate Tribunal’s (NCLAT) decision mandating NBCC (India) Limited to take charge of completing Supertech Limited’s stalled real estate projects. This ruling carries profound consequences for thousands of homebuyers anxiously waiting for their dream homes. Let's delve into the specifics of this landmark case.
Case Background Supertech Limited, a leading real estate developer, has been embroiled in insolvency proceedings due to mounting financial distress. In December 2024, NCLAT entrusted NBCC with the task of completing 16 delayed Supertech projects, encompassing nearly 49,748 housing units across multiple states. The estimated completion cost was pegged at ₹9,500 crore.
Supreme Court’s Intervention A bench led by Chief Justice Sanjiv Khanna has now placed a stay on the NCLAT directive and has sought responses from key parties, including:
Supertech’s suspended director R.K. Arora
The insolvency resolution professional overseeing the process
NBCC (India) Limited
The Supreme Court has also invited alternative solutions for project completion, ensuring that the interests of all stakeholders are considered before finalizing the approach.
Impact on Homebuyers This ruling introduces uncertainty for over 27,000 homebuyers, many of whom saw NBCC’s involvement as a potential resolution. However, the Supreme Court’s decision underscores the need to examine whether the NCLAT’s directive aligns with the Insolvency and Bankruptcy Code (IBC) framework.
What Lies Ahead? The Supreme Court has set a deadline of March 21, 2025, for stakeholders to propose alternative solutions. A decisive hearing is slated for the first week of April 2025, which will likely shape the trajectory of Supertech’s unfinished projects.
Final Thoughts While the Supreme Court’s intervention has temporarily stalled NBCC’s role, it also opens new possibilities for resolving the long-pending Supertech crisis. Homebuyers, investors, and industry experts keenly await the next legal course of action.
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