Supreme Court Stays NCLAT Order for Supertech’s Housing Projects
New Delhi, Feb 21 (PTI) – In a significant turn of events, the Supreme Court has imposed a stay order regarding the National Company Law Appellate Tribunal’s (NCLAT) directive that appointed the state-owned National Buildings Construction Corporation (NBCC) as the project management consultant for Supertech Ltd’s debt-ridden housing projects. These projects, comprising 16 developments, are valued at nearly ₹9,500 crore.
Concerns for Home Buyers
The bench, consisting of Chief Justice Sanjiv Khanna and Justices Sanjay Kumar and K V Viswanathan, expressed considerable concern for the home buyers involved. The court will review whether the NCLAT adhered to the proper procedures under the Insolvency and Bankruptcy Code when appointing the NBCC.
Context of the Decision
In December 2024, the NCLAT had mandated the NBCC to facilitate the completion of 16 housing projects across Uttar Pradesh, Uttarakhand, Haryana, and Karnataka, affecting around 27,000 home buyers who are anxiously awaiting their homes. The Supreme Court’s stay now allows for further examination of the situation, with the next hearing scheduled for the week of April 1.
Statement from Supertech Chairman
R K Arora, chairman of Supertech Group, welcomed the Supreme Court’s decision, stating, “We respect the decision of the Supreme Court to stay the NCLAT order which allowed NBCC to take over Supertech’s projects arbitrarily without respecting the interests of other stakeholders.” He emphasized the need for a solution that benefits all parties involved, including homebuyers, bankers, and land authorities.
Next Steps for Stakeholders
While the resolution professional has been instructed to carry on its duties as per law, the NCLAT had previously set deadlines for the NBCC to commence work on these stalled projects. Home buyers and other stakeholders are encouraged to submit any objections to the proposal presented by the NBCC.
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