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

Designing Tomorrow: Amaravati’s Net Zero Landmark

Amaravati has achieved a defining landmark in India’s sustainable infrastructure journey with the inauguration of the APCRDA Project Office, the nation’s first government building to earn the IGBC Net Zero Energy Rating – Design Stage. Conceptualised by the Andhra Pradesh Capital Region Development Authority (APCRDA) and certified by the Indian Green Building Council (IGBC), the project exemplifies how governance, design and innovation can converge to deliver measurable environmental impact.A vision rooted in sustainabilitySet within a 4.3-acre site along the Seed Access Road in the Amar..

Next Story
Real Estate

Pidilite Elevates Construction with PPS

Pidilite Industries introduced Pidilite Professional Solutions (PPS) — a dedicated vertical for the construction and interiors ecosystem — at ACETECH Bengaluru 2025. Designed to empower architects, developers, contractors, and interior specialists, PPS delivers comprehensive support that extends far beyond products to ensure project excellence from concept to completion. Kavinder Singh, Joint Managing Director, Pidilite Industries, noted, “At Pidilite, we believe in enabling the construction fraternity to build boldly and sustainably. With Pidilite Professional Solutions (PPS),..

Next Story
Infrastructure Transport

Punjab, Centre Fast-Track Rajpura-Mohali Rail Line Development

The central government has fast-tracked the construction of the Rajpura-Mohali rail line to enhance connectivity in Punjab. This ambitious infrastructure project, aimed at improving transportation links between Rajpura and Mohali, has been identified as a key step in fostering regional economic growth. Union Minister for Railways, Ashwini Vaishnaw, announced the project’s acceleration during a recent assessment of the area. The rail line is expected to play a significant role in reducing travel time, promoting industrial growth, and boosting logistics efficiency in the region. The project,..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?