NCLT Orders Response to Supertech Homebuyers

24 Sep 2024 CW Team

The National Company Law Tribunal (NCLT) has directed Interim Resolution Professional (IRP) Hitesh Goel to respond to applications filed by representatives of over 26,000 homebuyers of Supertech Ltd. These homebuyers, represented by authorized representatives and association post holders, seek protection of their rights across eleven Supertech projects, including North Eye, Ecociti, Cape Town, and Ecovillage in Noida and Greater Noida, as well as projects in Gurugram and Bengaluru.

The homebuyers are supporting the National Buildings Construction Corporation (NBCC) to take over the projects, provided NBCC offers an allottee-friendly plan. They have also requested a forensic audit of Supertech to ensure NBCC creates a solid resolution plan that avoids past issues, such as those encountered in the Amrapali case.

The court has given stakeholders, including homebuyers and banks, two weeks to submit suggestions and objections, which will be compiled and filed in court by the IRP. While the IRP's counsel raised concerns over objections to the NBCC proposal from 10 homebuyers, NBCC's counsel stated that they received support from over 1,900 homebuyers.

Homebuyers have also called for the complete removal of Supertech's management and opposed any cost escalation for existing buyers in the resolution plan. The final decision will consider all input, with a goal of safeguarding stakeholders' interests.

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