NBCC appointed to complete 16 delayed Supertech projects

The National Company Law Appellate Tribunal (NCLAT) on Thursday appointed state-owned NBCC (India) Ltd to take over and complete 16 delayed housing projects of Supertech Ltd, bringing long-awaited relief to over 42,000 homebuyers who have been awaiting their homes for years.

- Vinod Rajput

This decision follows persistent demands from homebuyers who argued that NBCC's intervention was necessary after Supertech failed to deliver on its commitments.

Insolvency appellate tribunal NCLAT, in its order, highlighted that NBCC must go beyond its typical role as a project management consultant and ensure the completion of all projects.

"Looking to the special features of the project and the plight of homebuyers who have been waiting for their units for the last several years, NBCC shall not treat its obligations only as a project management consultant and shall go an extra mile to ensure that the project is completed and all unnecessary and extra cost be avoided due to limited resources of fund for completion of the project. NBCC has to play role not only project management consultant, but an entity who is entrusted to monitor completion of the entire project," said the order delivered by an NCLAT bench led by chairman Justice Ashok Bhushan and member technical Barun Mitra.

The case dates back to March 2022, when the corporate insolvency resolution process for Supertech was initiated by Union Bank of India (UBI).