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

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

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)

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)

Next Story
Infrastructure Urban

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

Next Story
Real Estate

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

Next Story
Infrastructure Transport

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?