NBCC targets Supertech's struggling projects amid legal, financial woes

15 Jul 2024 CW Team

NBCC, a state-owned construction company, has expressed interest in assuming responsibility for all pending projects of real estate developer Supertech. Supertech, currently embroiled in multiple cases from homebuyers due to delayed deliveries and facing an Enforcement Directorate investigation for alleged money laundering, has seen NBCC step forward during the insolvency proceedings of one of its group companies.

The interim resolution professional (IRP) involved in the proceedings had approached NBCC. In response, NBCC has conveyed to the IRP and lender Union Bank of India its readiness to take on Supertech's projects. However, NBCC has stipulated that it requires complete access to project details and related data.

Supertech, headquartered in Noida, is tasked with delivering over 15,000 homes. Attorney General Venkat Ramani, citing a National Company Law Appellate Tribunal (NCLAT) order from July 8, informed the court that NBCC has expressed interest in undertaking the projects pending due diligence. The lenders of Supertech have reportedly shown openness to NBCC's proposal.

According to the NCLAT order, "Alok Kumar, counsel for Union Bank of India, mentioned that NBCC had been approached earlier by the IRP regarding Eco Village-II. NBCC has now informed lenders that they are willing to take on all projects, provided they receive access to project details and other relevant data. The IRP's counsel stated that should lenders request specific details, these would be shared by the IRP."

The bankruptcy court initiated Corporate Insolvency Resolution Process (CIRP) against Supertech following a petition by Union Bank of India for non-payment of approximately Rs 4.32 billion. Supertech clarified that while one project is undergoing insolvency proceedings, decisions regarding other projects will be made collectively by the company, lenders, and the IRP.

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..