Supertech opposes NBCC’s takeover plan to complete 14,000 flats

01 Oct 2024 CW Team

NBCC became involved in Supertech’s projects in May after a group of homebuyers petitioned the National Company Law Appellate Tribunal (NCLAT), seeking a resolution to their delayed flats. Following this, the tribunal directed the interim resolution professional (IRP) to consider NBCC's involvement in completing the flats, similar to their involvement with Amrapali. NBCC agreed and proposed a plan to complete 17 projects within three years. On 19th September, the tribunal requested stakeholders, including homebuyers and lenders, to provide feedback on NBCC's proposal before the next hearing on 21st October. On Sunday, Supertech’s managing director, RK Arora, publicly opposed the plan.

Arora reportedly stated that NBCC’s approach would extend the project timelines by at least six months, noting that despite reputable firms like AECOM, EY, and CBRE already conducting due diligence, NBCC had opted to carry out its own. He criticised NBCC’s plan for lacking specific timelines and a clear repayment scheme, asserting that it left the state-backed company unaccountable to homebuyers, banks, or land authorities. According to Arora, NBCC’s process mirrored that of Amrapali, which had failed, resulting in delivery delays and conflicts over possession and maintenance. Furthermore, Arora dismissed NBCC’s claims of technical issues stalling the projects, attributing delays solely to funding shortages. He highlighted Supertech's successful track record of delivering over 80,000 flats without complaints about construction quality and questioned the disparity between NBCC’s cost estimate and that of Supertech.

Supertech raised concerns regarding a proposal submitted by National Buildings Construction Corporation Ltd (NBCC) to finalise the construction of 14,000 flats across 17 projects, arguing that the state-backed firm’s approach would prolong the process, leaving homebuyers waiting indefinitely. The developer also criticised NBCC’s cost projections, claiming they were nearly double those of Supertech. They suggested that completing one project at a time, as done with Doon Square, would be more beneficial for stakeholders. NBCC became involved in Supertech’s projects in May after a group of homebuyers petitioned the National Company Law Appellate Tribunal (NCLAT), seeking a resolution to their delayed flats. Following this, the tribunal directed the interim resolution professional (IRP) to consider NBCC's involvement in completing the flats, similar to their involvement with Amrapali. NBCC agreed and proposed a plan to complete 17 projects within three years. On 19th September, the tribunal requested stakeholders, including homebuyers and lenders, to provide feedback on NBCC's proposal before the next hearing on 21st October. On Sunday, Supertech’s managing director, RK Arora, publicly opposed the plan. Arora reportedly stated that NBCC’s approach would extend the project timelines by at least six months, noting that despite reputable firms like AECOM, EY, and CBRE already conducting due diligence, NBCC had opted to carry out its own. He criticised NBCC’s plan for lacking specific timelines and a clear repayment scheme, asserting that it left the state-backed company unaccountable to homebuyers, banks, or land authorities. According to Arora, NBCC’s process mirrored that of Amrapali, which had failed, resulting in delivery delays and conflicts over possession and maintenance. Furthermore, Arora dismissed NBCC’s claims of technical issues stalling the projects, attributing delays solely to funding shortages. He highlighted Supertech's successful track record of delivering over 80,000 flats without complaints about construction quality and questioned the disparity between NBCC’s cost estimate and that of Supertech.

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