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.

• 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.

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