NBCC Proposes to Complete 17 Stalled Supertech Projects, Aiding 27,000 Home Buyers
NBCC moves to develop and complete 17 stalled Supertech projects, benefiting 27,000 home buyers. The state-owned company has filed an intervention application in the Supreme Court, proposing to take over the projects.
Supertech LimitedNbccNational Buildings Construction Corporation LtdStalled ProjectsHome BuyersReal EstateSep 24, 2024
The NBCC proposal aims to complete the stalled projects, which comprise around 51,000 residential units, on the lines of the Amrapali Group project. In the Amrapali case, the apex court had appointed NBCC to complete the stalled projects after the realty firm faced allegations of diversion and siphoning of huge amounts of homebuyers' money.
A bench of Justices Sanjiv Khanna and Sanjay Kumar was informed that the NBCC has filed an intervention application in a matter related to insolvency proceedings of Supertech Ltd. The application stated that the NBCC would submit proposals/terms of reference for the feasible Supertech projects on similar terms as in the Amrapali projects, subject to the orders and directions of the court.
The NBCC proposes to complete the 17 projects in three phases. Under Phase 1, it plans to complete Eco-Village-2 (Greater Noida), Romano (Noida), Capetown (Noida), Czar suites (Greater Noida), Eco-village-3 (Greater Noida), Sports Village (Greater Noida), and Eco-citi (Noida).
The National Company Law Appellate Tribunal (NCLAT) has asked the 27,000 homebuyers and other stakeholders to submit objections, if any, to the NBCC proposal. The top court is hearing the pleas of Indiabulls Asset Reconstruction Company Ltd and Union Bank of India, both financial creditors of Supertech Ltd, challenging the June 10, 2022 order of the NCLAT.
The Union Bank of India had initiated insolvency proceedings against Supertech Ltd under section 7 of the Insolvency and Bankruptcy Code on March 20, 2021, claiming a total amount of over ₹431 crore as on January 31, 2021, along with accrued interest.
The Supreme Court allowed a 'project-wise resolution' process for Supertech Ltd on May 11, 2023, permitting the construction of all other projects by the developer under the supervision of an interim resolution professional (IRP). The court said that the NCLAT may deal with the offers received and pass an appropriate order thereupon, but the entire process shall remain subject to the orders to be passed in these appeals.
The NBCC, a state-owned company, is a premier construction company with a rich experience in the construction industry. It has successfully completed numerous projects across the country, including residential and commercial buildings, roads, and bridges.
Information
The National Buildings Construction Corporation Ltd (NBCC) is a state-owned company that was established in 1960. It is a premier construction company with a rich experience in the construction industry. The company has successfully completed numerous projects across the country, including residential and commercial buildings, roads, and bridges.
The National Buildings Construction Corporation Ltd (NBCC) is a state-owned company that is headquartered in New Delhi. It was established in 1960 and has since become a premier construction company with a rich experience in the construction industry.
Frequently Asked Questions
How many stalled Supertech projects will the NBCC complete?
The NBCC proposes to complete 17 stalled Supertech projects.
How many home buyers will benefit from the NBCC proposal?
Around 27,000 home buyers will benefit from the NBCC proposal.
What is the current status of the Supertech insolvency proceedings?
The National Company Law Appellate Tribunal (NCLAT) has ordered commencement of insolvency proceedings in only one of the housing projects of Supertech Ltd.
What is the 'project-wise resolution' process allowed by the Supreme Court?
The Supreme Court allowed a 'project-wise resolution' process for Supertech Ltd, permitting the construction of all other projects by the developer under the supervision of an interim resolution professional (IRP).
How much amount is claimed by the Union Bank of India in the insolvency proceedings against Supertech Ltd?
The Union Bank of India claims a total amount of over ₹431 crore as on January 31, 2021, along with accrued interest.
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