NCLAT Appoints NBCC to Rescue Supertech Projects

The National Company Law Appellate Tribunal (NCLAT) has selected state-owned NBCC as the project management consultant for completing Supertech Ltd's 16 real estate developments, at a cost of Rs 9,500 crore. This move is expected to offer relief to numerous homebuyers as NBCC streamlines its operations.

The National Company Law Appellate Tribunal (NCLAT) has appointed NBCC, a state-owned entity, to manage 16 debt-ridden projects by Supertech Ltd, with an estimated budget of Rs 9,500 crore. This initiative is anticipated to provide relief to numerous homebuyers affected by the construction stall.

NBCC is instructed to initiate the project award process by March 31, 2025, with contracts distributed within the following month. Construction is slated to commence on May 1, 2025, across 49,748 housing units spread over Uttar Pradesh, Uttarakhand, Haryana, and Karnataka.

The NCLAT mandates a stringent supervisory structure, involving an Apex Court Committee and individual Project-wise Committees, with NBCC representation in each. Meanwhile, funds for each project will be meticulously handled under this framework to ensure accountability and progress.

(With inputs from agencies.)