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.

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