The National Company Law Appellate Tribunal (NCLAT) has appointed state-owned NBCC (National Buildings Construction Corporation) as the project management consultant for 16 real estate projects by the debt-ridden Supertech Ltd. The projects, which span Uttar Pradesh, Uttarakhand, Haryana, and Karnataka, involve the completion of 49,748 residential units at an estimated cost of Rs 9,500 crore.
The NCLAT’s directive comes as a significant relief to thousands of homebuyers who had invested in Supertech’s projects. The tribunal has mandated that NBCC initiate the award of work before March 31, 2025, with contracts to be awarded within one month, and construction to commence by May 1, 2025. In addition to this, the NCLAT has instructed the formation of an Apex Court Committee and Project-wise Court Committees for each of the 16 projects. NBCC will nominate a member to each Project-wise Court Committee, which will oversee the projects’ progress. The Apex Court Committee will have the authority to manage surplus funds, transferring them between projects as necessary after reviewing detailed reports from the Project-wise Court Committees. This decision by the NCLAT marks an important step in addressing the ongoing concerns of Supertech’s financial troubles, ensuring that the affected homebuyers can expect the completion of their homes in the near future.
