NCLT Orders IRP Response to Homebuyers

26 Sep 2024 CW Team

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.

Real Estate

11 May 2026

Casagrand Launches 41-Acre Highcity Project in Chennai

Casagrand has launched Casagrand Highcity, a 41-acre integrated residential development on Chennai’s Outer Ring Road (ORR), marking the company’s largest residential project to date.The project will comprise over 4,000 two and three BHK apartments across four G+22 towers and is positioned as one of the largest organised residential developments in the ORR corridor.Located along Chennai’s emerging residential and infrastructure growth belt, the project benefits from connectivity to IT hubs including Navalur, Siruseri SIPCOT and Porur, as well as industrial clusters such as Sriperumbudur, ..

Brigade, Marriott Open Courtyard Kochi Infopark

Brigade Hotel Ventures (BHVL) and Marriott International have opened Courtyard by Marriott Kochi Infopark, a rebranded and upgraded hotel formerly operating as Four Points by Sheraton Kochi Infopark.Located in Kakkanad adjoining Infopark Kochi, the 218-room property strengthens Brigade’s hospitality portfolio in one of the city’s key IT and commercial corridors. The hotel is positioned to cater to corporate, MICE and leisure travellers visiting Infopark, SmartCity and other business hubs in Kochi.The property offers flexible workspaces, smart TVs and high-speed WiFi across rooms and suites..

WorkEZ Expands South India Portfolio to 1.7 Mn Sq Ft

Work Easy Space Solutions (WorkEZ) has expanded its managed workspace portfolio to approximately 1.7 million sq. ft. across 12 operational buildings and two upcoming developments, strengthening its footprint across South India.The expansion includes the addition of 65,000 sq. ft. at Phoenix One National Park in Chennai and the company’s entry into Kochi through a partnership with Lulu Developers, adding another 70,000 sq. ft.WorkEZ has also signed a 0.4 million sq. ft. development in Coimbatore with Veeras Infra following the successful leasing of 0.1 million sq. ft. in the first phase. The ..