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The Supreme Court ordered the appointment of the state -owned NBCC as Project Management Consultant to complete the 16 Stald Housing Projects of Supertech Limited.
Supreme Court of India (PTI image)
The Supreme Court on Friday set up a hold on the order to appoint the state -owned NBCC as Project Management Consultant to complete the 16 Stald Housing Projects of Supertech Limited, which are burdened with debt and worth about Rs 9,500 crore The cost is estimated.
This decision will affect over 42,000 homebuilders who have been waiting for years to capture their homes.
What were Stald Projects?
The NBCC had submitted a proposal underlining its plan to complete the NCLAT’s three -phase Stalled Projects of Supertech Limited.
phase 1: Eco-Village 2 (Greater Noida), Romano (Noida), Captown (Noida), Caesar Suites (Greater Noida), Eco-Village 3 (Greater Noida), Sports Village (Greater Noida), Eco-CT (Noida)
phase 2: Northeye (NOIDA), UPCOUNTRY (Yamuna Expressway), Eco-Village 1 (Greater Noida), Meerut Sports City (Meerut), Green Village (Meerut)
step 3: Hiltown (Gurugram), Arwalla (Gurugram), Returns (Rudrapur), Doon Square (Dehradun), Mikasa (Bengaluru).
The court has ordered all the parties involved – including corporate guarantor, supertech promoter RK Arora, and Yamuna Expressway Industrial Development Authority (Yeda) – submit an alternative proposal by 21 March.
Giving a temporary hold on the orders of the NCLAT of December 12, a bench led by Chief Justice of India (CJI) Sanjeev Khanna said that the major issue to be reviewed is whether NCLAT to NBCC India Limited for construction work It was appropriate to hand over. Processes mentioned in Insolvency and Bankruptcy Code (IBC), 2016.
The beng said, “We also give freedom to the parties to enter written notes, which shows the proposal how to deal with the issue of construction of flats or buildings, which is mandatory by NCLAT decision,” bench, in which Justice PV Sanjay Kumar and KV Vishwanathan are included. , Said.
The court clarified that the proposals to be submitted should only focus on completing the construction, not on recovery of arrears.
With the NCLAT order temporarily hold, Supertech’s control has been restored for interim resolution professional (IRP) Hitesh Goel, which is responsible for keeping the company running. Nakula Dewan, a senior advocate representing IRP, emphasized that the matter affects 42,000 homebuilders and assured that Supertech’s unSold properties and their interests would be protected after selling the available land.
At the request of the NBCC represented by senior advocate Gopal Jain, the court provided access to the project documents to help the stakeholders prepare their proposals.
NCLAT’s December 12 order put a significant burden on the NBCC, which directed to take more than only one project management role to ensure that Stald Projects were completed. The tribunal accepted the long wait for homebuilders and urged the NBCC to go beyond its general responsibilities, making ensure that the work is efficiently finished without unnecessary costs, limited funds have been provided.
Projects under consideration are spread over several cities including Noida, Greater Noida, Gurugram and Bengaluru. The NCLAT first considered involvement of NBCC in incomplete projects of supertech on 25 May, 2024, which was a step supported by some homebuir associations due to the failure of the original promoter to provide a solution. However, some buyers also expressed concern about the quality and safety of NBCC construction work.
