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.

Infrastructure Urban

03 Apr 2026

Centre Disburses Over Rs 24,610 mn in XV Finance Commission Grants

The Union Government has released XV Finance Commission tied grants during the financial year 2025–26 to rural local bodies in Chhattisgarh, Gujarat, Madhya Pradesh, Punjab and Sikkim and has released withheld portions of tied and untied grants to Himachal Pradesh, Odisha and Tripura. The total disbursal exceeded Rs 24,610 mn, with figures expressed in million (mn) thereafter. The releases cover allocations pertaining to different financial years and aim to strengthen rural local governance. State-wise disbursements included Rs 3,324.6 mn for Punjab, Rs 9,432.7 mn for Madhya Pradesh, Rs 3,47..

Centre Releases Over Rs 15 bn as XV FC Grants to Rural Bodies

The Union Government has released over Rs 15 bn in grants recommended by the Fifteenth Finance Commission (XV FC) to strengthen Panchayati Raj Institutions (PRIs) and Rural Local Bodies (RLBs) in six states. The funds comprise tied and untied grants disbursed in FY 2025–26. Telangana received Rs 2.48 bn as the first instalment of untied grants for FY 2025–26, benefitting 12600 Gram Panchayats (GPs). Uttarakhand received Rs 913.1 mn as the second instalment and an additional Rs 18.4 mn of a withheld first instalment was released to a further 216 GPs. Mizoram is included among beneficiary st..

Government Assures Fuel Supplies And Seafarer Safety Amid West Asia Developments

The Government of India has stepped up coordinated measures to maintain stability in critical sectors as developments in West Asia continue to unfold. It has prioritised uninterrupted energy supplies, safeguarded maritime operations and extended consular assistance to nationals. Central authorities are working with State and Union territory administrations to ensure timely information dissemination and operational continuity. Refineries are reported to be operating at high capacity with adequate inventories of petrol and diesel, and domestic LPG production has been increased to support consump..