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NEW DELHI: State-owned NBCC on Tuesday approached the Supreme Court seeking to develop and complete 17 stalled or partially constructed projects of realty major Supertech Ltd, where around 27,000 distressed houses are located. Buyers have been stuck for years.
These 17 projects were launched in the National Capital Region, Dehradun and Bengaluru, but the completion of residential units faced a financial crunch, prompting the realty major to file for bankruptcy proceedings from 2021.
A bench of Justices Sanjeev Khanna and Sanjay Kumar was told by advocate ML Lahoti, who appeared for the aggrieved home buyers, that the National Building Construction Corporation Limited (NBCC) has to complete these stalled projects with around 51,000 residential units. has come forward with the proposal of
Senior advocate Gopal Jain, appearing for NBCC, said the public sector undertaking has filed an intervention application in a case related to the insolvency proceedings of Supertech Ltd to develop the stalled project on the lines of Amrapali Group. .
In the Amrapali Group case, the Supreme Court had appointed NBCC to complete stalled projects after the realty firm faced allegations of diverting and stealing huge amounts of money from homebuyers.
The bench, which agreed to list the matter on October 1, said it would consider NBCC's proposal.
“The petitioner, as per the order of this court, has successfully handed over flats to many distressed home buyers in Amrapali projects. Likewise, the petitioner has submitted proposals/terms on similar terms for viable supertech projects as well. shall submit the reference. Amrapali projects, in the larger interest of the home buyers, banks/financial institutions, and in the interest of completion and completion of the projects are subject to the orders and directions of this court,” the NBCC petition said.
NBCC, in its recent plea before the National Company Law Appellate Tribunal (NCLAT), had submitted the terms of reference for commissioning the pending projects of Supertech Limited.
The public sector enterprise has proposed to complete 17 projects in three phases. Under Phase 1, it has developed Eco Village-2 (Greater Noida), Romano (Noida), Cape Town (Noida), Zar Suites (Greater Noida), Eco Village-3 (Greater Noida), Sports Village (Greater Noida). Recommended to complete. ) and Eco City (Noida).
Under Phase 2, NBCC has started Northeye (Noida), Upcountry (Ymuna Expressway), Eco-Village-1 (Greater Noida), Meerut Sports City (Meerut) and Green Village (Meerut) as per its application before NCLAT. Suggested.
For Phase 3, NBCC will work on Hill Town (Gurugram), Aravele (Gurugram), River Crest (Rudrapur), Doon Square (Dehradun) and Mikasa (Bangalore).
NCLAT recently asked 27,000 home buyers and other stakeholders to submit their objections, if any, to NBCC's proposal to complete the stalled projects of Supertech Ltd.
The Supreme Court was hearing petitions by Indiabulls East Reconstruction Company Limited and Union Bank of India – both financial creditors of Supertech Limited – challenging the NCLAT's June 10, 2022 order by which the tribunal had granted only one of them I ordered the initiation of bankruptcy proceedings. The housing projects of the realty firm are not those of the entire company.
On May 11, 2023, the Supreme Court allowed a “project-wise resolution” process for Supertech Limited and construction of all other projects by the developer under the supervision of an Interim Resolution Professional (IRP).
It had said that the NCLAT could deal with the submissions received and thereafter pass an appropriate order but, the entire process would be subject to the orders passed in these appeals.
Union Bank of India had initiated insolvency proceedings against the realty firm under Section 7 of the Insolvency and Bankruptcy Code on 20 March 2021, claiming a total amount of over 431 crores till 31 January 2021 along with accrued interest. had gone
Aggrieved by NCLAT's June 10, 2022 order, India Bulls East Reconstruction Company Limited has approached the Supreme Court by which the Tribunal restricted the composition of creditors' committee to Eco Village-II only. has given and requested to amend the order constituting the CoC. For the entire company.
