NBCC seeks SC nod to finish Supertech projects affecting 27,000 buyers

26 Sep 2024 CW Team

Representing the homebuyers, advocate M.L. Lahoty informed a bench of Justices Sanjiv Khanna and Sanjay Kumar that NBCC has submitted a proposal to finish the stalled projects on a model similar to the one adopted for the Amrapali Group. In the Amrapali case, NBCC was appointed by the Supreme Court to complete the group’s unfinished projects after allegations of financial mismanagement surfaced.

Senior advocate Gopal Jain, appearing on behalf of NBCC, stated that the public sector undertaking has filed an intervention application in the ongoing insolvency proceedings of Supertech Ltd. The bench has agreed to consider the proposal on October 1. According to NBCC’s application, the company intends to complete the projects in three phases, subject to the Supreme Court’s orders and in the interest of distressed homebuyers and financial institutions.

The first phase will focus on completing projects such as Eco-Village-2, Romano, Capetown, Czar Suites, Eco-Village-3, Sports Village, and Eco-Citi in Greater Noida and Noida. The second phase will target Northeye, Upcountry, Eco-Village-1, Meerut Sports City, and Green Village. The final phase will cover Hilltown and Aravile in Gurugram, Rivercrest in Rudrapur, Doon Square in Dehradun, and Micasa in Bengaluru.

In a parallel move, the National Company Law Appellate Tribunal (NCLAT) has requested objections from the 27,000 homebuyers and other stakeholders to NBCC’s proposal. The top court is also hearing challenges from financial creditors, including Indiabulls Asset Reconstruction Company Ltd and Union Bank of India, against a 2022 NCLAT order that initiated insolvency proceedings for just one Supertech project, Eco Village-II, rather than the entire company.

The Supreme Court, on May 11, 2023, allowed a ‘project-wise resolution’ for Supertech Ltd., enabling construction on remaining projects under the supervision of an interim resolution professional (IRP). Union Bank of India had initiated the insolvency process in March 2021, claiming dues of over Rs 4.31 billion, along with accrued interest.

This development is crucial as India grapples with a mounting backlog of stalled real estate projects, impacting around 500,000 housing units across 44 cities, with Greater Noida topping the list, according to a recent PropEquity report.

(HT)

The state-owned National Buildings Construction Corporation (NBCC) has approached the Supreme Court seeking approval to take over and complete 17 stalled or partially built projects of realty major Supertech Ltd. These projects, which include around 51,000 residential units, have left approximately 27,000 homebuyers in limbo for years. Launched in regions such as the National Capital Region, Dehradun, and Bengaluru, the completion of these residential units was disrupted by Supertech’s financial crisis, which led to insolvency proceedings in 2021. Representing the homebuyers, advocate M.L. Lahoty informed a bench of Justices Sanjiv Khanna and Sanjay Kumar that NBCC has submitted a proposal to finish the stalled projects on a model similar to the one adopted for the Amrapali Group. In the Amrapali case, NBCC was appointed by the Supreme Court to complete the group’s unfinished projects after allegations of financial mismanagement surfaced. Senior advocate Gopal Jain, appearing on behalf of NBCC, stated that the public sector undertaking has filed an intervention application in the ongoing insolvency proceedings of Supertech Ltd. The bench has agreed to consider the proposal on October 1. According to NBCC’s application, the company intends to complete the projects in three phases, subject to the Supreme Court’s orders and in the interest of distressed homebuyers and financial institutions. The first phase will focus on completing projects such as Eco-Village-2, Romano, Capetown, Czar Suites, Eco-Village-3, Sports Village, and Eco-Citi in Greater Noida and Noida. The second phase will target Northeye, Upcountry, Eco-Village-1, Meerut Sports City, and Green Village. The final phase will cover Hilltown and Aravile in Gurugram, Rivercrest in Rudrapur, Doon Square in Dehradun, and Micasa in Bengaluru. In a parallel move, the National Company Law Appellate Tribunal (NCLAT) has requested objections from the 27,000 homebuyers and other stakeholders to NBCC’s proposal. The top court is also hearing challenges from financial creditors, including Indiabulls Asset Reconstruction Company Ltd and Union Bank of India, against a 2022 NCLAT order that initiated insolvency proceedings for just one Supertech project, Eco Village-II, rather than the entire company. The Supreme Court, on May 11, 2023, allowed a ‘project-wise resolution’ for Supertech Ltd., enabling construction on remaining projects under the supervision of an interim resolution professional (IRP). Union Bank of India had initiated the insolvency process in March 2021, claiming dues of over Rs 4.31 billion, along with accrued interest. This development is crucial as India grapples with a mounting backlog of stalled real estate projects, impacting around 500,000 housing units across 44 cities, with Greater Noida topping the list, according to a recent PropEquity report. (HT)

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