+
NCLAT Assigns NBCC as Project Manager for 16 Supertech Projects
Real Estate

NCLAT Assigns NBCC as Project Manager for 16 Supertech Projects

The National Company Law Appellate Tribunal (NCLAT), New Delhi, has designated NBCC (India) as the project management consultant (PMC) to oversee the completion of 16 stalled projects by Supertech. These projects involve approximately 49,748 housing units across Uttar Pradesh, Uttarakhand, Haryana, and Karnataka. 

The estimated construction cost is around Rs 94.45 billion, including a 3 per cent contingency fee. The PMC fee has been set at 8 per cent, which includes a 1 per cent marketing fee. NBCC will act as the PMC without bearing any liabilities and is expected to complete the projects within three years, as stated by the company in two regulatory filings.

The tribunal specified that NBCC must begin the process of awarding contracts by March 31, 2025, finalise the contracts within a month, and commence construction from May 1, 2025. Additionally, the court emphasized that homebuyers and commercial unit holders with existing valid allotments will not face cost escalations, except for dues as outlined in their builder-buyer agreements.

The NCLAT dismissed suggestions to allocate profitable projects to private developers and handed over all 16 projects to NBCC. The tribunal highlighted that surplus funds from cash-positive projects would be utilised to finance deficit projects, ensuring the completion of all pending developments.

The repayment to land authorities, banks, and financial institutions will proceed as per the schedule and method determined by the apex court committee. Funds allocated for construction, amounting to 70 per cent of the project finances, can also be used for land cost repayment under Section 4(2)(D) of the RERA Act and the committee's decision.

To oversee the projects, the NCLAT directed the formation of an apex court committee and separate project-specific court committees. NBCC will nominate a member to each of these committees. Furthermore, a dedicated account named "NBCC (I) – Supertech Unfinished Project" will be established. This account, managed jointly by NBCC's authorized signatories and the IRP, will receive all funding and financing required for project completion.

The National Company Law Appellate Tribunal (NCLAT), New Delhi, has designated NBCC (India) as the project management consultant (PMC) to oversee the completion of 16 stalled projects by Supertech. These projects involve approximately 49,748 housing units across Uttar Pradesh, Uttarakhand, Haryana, and Karnataka. The estimated construction cost is around Rs 94.45 billion, including a 3 per cent contingency fee. The PMC fee has been set at 8 per cent, which includes a 1 per cent marketing fee. NBCC will act as the PMC without bearing any liabilities and is expected to complete the projects within three years, as stated by the company in two regulatory filings.The tribunal specified that NBCC must begin the process of awarding contracts by March 31, 2025, finalise the contracts within a month, and commence construction from May 1, 2025. Additionally, the court emphasized that homebuyers and commercial unit holders with existing valid allotments will not face cost escalations, except for dues as outlined in their builder-buyer agreements.The NCLAT dismissed suggestions to allocate profitable projects to private developers and handed over all 16 projects to NBCC. The tribunal highlighted that surplus funds from cash-positive projects would be utilised to finance deficit projects, ensuring the completion of all pending developments.The repayment to land authorities, banks, and financial institutions will proceed as per the schedule and method determined by the apex court committee. Funds allocated for construction, amounting to 70 per cent of the project finances, can also be used for land cost repayment under Section 4(2)(D) of the RERA Act and the committee's decision.To oversee the projects, the NCLAT directed the formation of an apex court committee and separate project-specific court committees. NBCC will nominate a member to each of these committees. Furthermore, a dedicated account named NBCC (I) – Supertech Unfinished Project will be established. This account, managed jointly by NBCC's authorized signatories and the IRP, will receive all funding and financing required for project completion.

Next Story
Infrastructure Urban

Naidu Seeks Rs 563 Crore For AP Sports Infrastructure

Andhra Pradesh Chief Minister N Chandrababu Naidu has sought Rs 563 crore from the Centre to boost sports infrastructure in the state, including Rs 538 crore for stadium development and Rs 25 crore to host the Khelo India Martial Arts Games 2025. Naidu made the request during a meeting with Union Youth Services and Sports Minister Mansukh Mandaviya in New Delhi on Wednesday.The CM urged early completion of Khelo India infrastructure projects in Tirupati, Rajahmundry, Kakinada, and Narasaraopeta, and called for an international-standard badminton training centre and a national aquatic sports hu..

Next Story
Infrastructure Transport

Tough Bidding Norms Slow NHAI Road Project Awards

Stringent bidding rules imposed by the Ministry of Road Transport & Highways (MoRTH) have led to a slowdown in project awards by the National Highways Authority of India (NHAI), despite a robust Rs 3.5 trillion pipeline. According to an HDFC Securities report, the shift to more cautious developer models now favours firms with strong balance sheets, as tighter qualification norms limit aggressive bidders.The revised norms mandate additional performance security, targeting the exclusion of players that previously submitted low bids—often 25 to 40 per cent below NHAI cost estimates—raisin..

Next Story
Infrastructure Transport

Mumbai Gets Coastal Nod for Next Promenade Phase

As Mumbai prepares to open two major sections of its expansive seafront promenade this week, the city’s civic authority has secured a key coastal clearance to advance further construction. The Maharashtra Coastal Zone Management Authority (MCZMA) has approved the commencement of work on the segment between Haji Ali and Baroda Palace, with tendering expected soon after project cost assessments.The promenade, stretching 7.5 km in length and 20 metres wide, is being designed as a flagship open space for walkers, joggers, and cyclists. Two critical stretches—2.75 km from Tata Garden to Haji Al..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?