NCLT Orders Response to Supertech Homebuyers
Real Estate

NCLT Orders Response to Supertech Homebuyers

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.

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.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code