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2mo ago

Supreme Court Halts NBCC's Takeover of Supertech Housing Projects

The court seeks alternative proposals for completing 16 stalled projects affecting over 42,000 homebuyers, questioning the legality of the NCLAT's decision.

SC stays NCLAT order asking NBCC to build stalled Supertech homes. (PTI Photo/Atul Yadav) (PTI07_12_2024_000025A)
The court directed all stakeholders, including corporate guarantors, Supertech promoter RK Arora, and the Yamuna Expressway Industrial Development Authority (Yeida), to submit alternative proposals by March 21. (HT Archive)
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Overview

  • The Supreme Court stayed the NCLAT's December 2024 order appointing NBCC to complete 16 stalled Supertech housing projects worth nearly ₹9,500 crore.
  • The decision impacts over 42,000 homebuyers awaiting possession of homes in projects across Uttar Pradesh, Uttarakhand, Haryana, and Karnataka.
  • The court raised concerns about whether the NCLAT followed proper procedures under the Insolvency and Bankruptcy Code (IBC) in assigning the projects to NBCC.
  • Stakeholders, including Supertech's promoter RK Arora, lenders, and land authorities, have been directed to submit alternative completion proposals by March 21, 2025.
  • The projects remain under the supervision of an interim resolution professional, with a hearing scheduled for the first week of April 2025.