NBCC Seeks Approval to Complete Supertech's Stalled Projects

State-owned NBCC has approached the Supreme Court to develop and complete Supertech Ltd's 17 stalled or partially built projects, affecting around 27,000 home buyers. Facing financial crises, Supertech's insolvency proceedings began in 2021. The top court will consider the NBCC proposal on October 1.

State-owned NBCC has recently approached the Supreme Court with a plea to develop and complete 17 stalled or partially built projects of embattled realty major Supertech Limited. These projects have left around 27,000 home buyers in limbo for years.

Initially launched across the National Capital Region, Dehradun, and Bengaluru, the completion of these residential units stalled due to financial crises that led to insolvency proceedings against Supertech since 2021. Advocate ML Lahoty, representing the distressed home buyers, informed the bench of Justices Sanjiv Khanna and Sanjay Kumar that the National Buildings Construction Corporation Ltd (NBCC) has put forward a proposal to finalize these projects.

Senior advocate Gopal Jain, appearing for NBCC, mentioned that the public sector undertaking has submitted an intervention application relating to Supertech Ltd's insolvency proceedings, intending to mirror their approach in the Amrapali Group case where NBCC successfully delivered homes to affected buyers. The bench scheduled the matter for consideration on October 1. The NBCC project will be phased, covering Eco-Village-2, Romano, Capetown, and other projects across Noida, Greater Noida, and other locations.

(With inputs from agencies.)