In a significant development, the Supreme Court on Monday stayed the National Company Law Appellate Tribunal’s (NCLAT) order that had transferred 16 stalled Supertech projects to the state-run NBCC (National Buildings Construction Corporation) for completion. The apex court has now sought fresh proposals from Supertech and other interested companies for the completion of these projects.
A bench led by the Supreme Court noted that the earlier directive by the NCLAT, issued on December 12, 2024, which assigned the responsibility of completing the projects to NBCC, would remain on hold until further orders. The court has called for a renewed evaluation of potential developers to ensure timely and efficient delivery to affected homebuyers.
Supertech, in its defense, informed the court that it has prepared a plan to deliver homes to nearly 20,000 buyers within 12 to 24 months. The company claimed it is capable of completing the projects without external intervention and submitted its proposal for the court’s consideration.
The NCLAT’s original order had appointed NBCC as the project management consultant for completing Supertech’s 16 residential projects, which involve around 49,748 housing units across Uttar Pradesh, Uttarakhand, Haryana, and Karnataka. The projects, collectively valued at approximately ₹9,500 crore, had faced significant delays, leaving thousands of homebuyers in limbo.
Under the NCLAT directive, NBCC was instructed to initiate the process of awarding work for these projects by March 31, 2025, with formal contracts to be assigned within the following month, and construction scheduled to commence by May 2025.
In addition to assigning the projects to NBCC, the NCLAT had also directed the formation of an Apex Committee and separate Court Committees for each project. These committees were tasked with overseeing the construction process, with NBCC nominating a representative in each.
The Supreme Court’s stay has brought temporary relief to Supertech while raising fresh hopes among homebuyers that the stalled projects will be completed efficiently. The apex court’s directive to seek new proposals signals a comprehensive review process aimed at ensuring the best possible outcome for affected homeowners.
