NCLAT to Examine NBCC's Proposal for Stalled Supertech Projects

The Supreme Court has permitted the NCLAT to review and decide on NBCC's proposal to complete 17 stalled projects of Supertech Ltd, involving around 27,000 home buyers. The pending appeal at the Supreme Court will not hinder NCLAT's decisions. The public sector enterprise plans to execute the projects in three phases.

The Supreme Court has green-lighted the National Company Law Appellate Tribunal (NCLAT) to review and make decisions on the state-owned NBCC's proposal to complete 17 of Supertech Limited's stalled projects. The project delays have affected approximately 27,000 home buyers.

Judges Sanjiv Khanna and Sanjay Kumar indicated that the ongoing appeal in the Supreme Court will not impede the NCLAT's authority to pass orders on NBCC's proposal. All pertinent pleas and contentions can freely be raised before the NCLAT.

The court noted that any party discontent with the NCLAT's decision can challenge it as per legal guidelines. Considering inputs from stakeholders like the Union Bank of India, NBCC, and concerned home buyers, the court emphasized that the purpose of the application was to expedite the implementation of NCLAT's decisions without obstruction.

(With inputs from agencies.)