NCLT Orders IRP Response to Homebuyers
Real Estate

NCLT Orders IRP Response to Homebuyers

The National Company Law Tribunal (NCLT) has directed the Interim Resolution Professional (IRP) overseeing Supertech Limited to respond to the grievances of approximately 26,000 homebuyers who are awaiting possession of their properties. This order follows a plea from the homebuyers, who have expressed frustration over significant delays in project completion and their inability to obtain their booked homes.

The IRP, appointed to manage the insolvency proceedings of Supertech, is required to present a comprehensive report addressing these issues, providing clarity on the timeline for project completion and the status of funds allocated for the homes. The NCLT’s intervention underscores the urgency of resolving these long-standing concerns of homebuyers, many of whom have invested their life savings into these projects.

The situation has become increasingly critical as homebuyers are seeking answers regarding their investments and the prospects of receiving their properties. The tribunal emphasized the need for transparency and accountability from the IRP in handling the situation. It highlighted that the homebuyers are not mere creditors but stakeholders with vested interests in the ongoing projects.

In the broader context, this case is a reflection of the challenges faced in the real estate sector, particularly concerning delayed projects and the implications for consumers. The NCLT's directive aims to restore confidence among homebuyers and ensure that their interests are prioritized during the insolvency resolution process.

Overall, the NCLT's directive is a crucial step in addressing the grievances of thousands of affected homebuyers and ensuring a fair resolution to the ongoing crisis in the real estate sector.

The National Company Law Tribunal (NCLT) has directed the Interim Resolution Professional (IRP) overseeing Supertech Limited to respond to the grievances of approximately 26,000 homebuyers who are awaiting possession of their properties. This order follows a plea from the homebuyers, who have expressed frustration over significant delays in project completion and their inability to obtain their booked homes. The IRP, appointed to manage the insolvency proceedings of Supertech, is required to present a comprehensive report addressing these issues, providing clarity on the timeline for project completion and the status of funds allocated for the homes. The NCLT’s intervention underscores the urgency of resolving these long-standing concerns of homebuyers, many of whom have invested their life savings into these projects. The situation has become increasingly critical as homebuyers are seeking answers regarding their investments and the prospects of receiving their properties. The tribunal emphasized the need for transparency and accountability from the IRP in handling the situation. It highlighted that the homebuyers are not mere creditors but stakeholders with vested interests in the ongoing projects. In the broader context, this case is a reflection of the challenges faced in the real estate sector, particularly concerning delayed projects and the implications for consumers. The NCLT's directive aims to restore confidence among homebuyers and ensure that their interests are prioritized during the insolvency resolution process. Overall, the NCLT's directive is a crucial step in addressing the grievances of thousands of affected homebuyers and ensuring a fair resolution to the ongoing crisis in the real estate sector.

Next Story
Infrastructure Urban

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Next Story
Infrastructure Transport

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

Next Story
Infrastructure Transport

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?