Insolvency appellate tribunal NCLAT has appointed state-owned NBCC as a project management consultant to complete debt-ridden realty firm Supertech Ltd’s 16 real estate projects at a cost of nearly Rs 9,500 crore, a move that will provide relief to thousands of homebuyers.
The NCLAT has directed NBCC to “start the process of award of work before March 31, 2025” and “award of contract within one month thereafter and construction shall commence from May 1, 2025” for 16 projects, comprising 49,748 houses in Uttar Pradesh, Uttarakhand, Haryana and Karnakata.
Moreover, the National Company Law Appellate Tribunal (NCLAT) has also directed “for constitution of an Apex Court Committee and Project-wise Court Committee for each Project”.
In each Project-wise Court Committee, “NBCC shall also nominate one Member”, said a two-member NCLAT bench passing a 64-page-long order. “After completion of the constitution of the Apex Court Committee and Project-wise Court Committee, IRP (interim resolution professional) shall upload the constitution of these committees on the website as early as possible,” the NCLAT said.
Moreover, the Apex Court Committee is empowered to decide on transferring surplus amounts from one project to another after obtaining necessary details from the concerned project-wise Court Committee, it added.
