New Delhi: The Supreme Court next week agreed to hear a plea by state-run construction firm NBCC (India) Ltd to complete the unfinished housing projects of real estate major Supertech, which is facing bankruptcy proceedings. is
A bench headed by Justice Sanjeev Khanna agreed to hear the plea on October 1 after homebuyers in some supertech projects informed the court that NBCC had already filed a complaint with the National Company Law Appellate Tribunal (NCLAT). ) have submitted their terms and conditions. Bankruptcy proceedings filed by Union Bank against Supertech Group are pending.
Supertech currently has 17 unfinished projects across the country and under NBCC's proposal to NCLAT, it has completed seven projects in Noida and Greater Noida under the first phase, seven projects in the second phase. I had agreed to complete five projects in Noida, Greater Noida and Meerut. And the remaining five projects in Gurugram, Rudrapur, Bengaluru and Dehradun in the third phase. The plan was subject to a set of terms and conditions approved by the tribunal.
In its petition before the Supreme Court, NBCC said that in view of its proven track record in completing Amrapali projects under judicial supervision, the company should submit proposals and terms of reference for “potential supertech projects”. Wanted as in Amrapali Projects. . However, this will be subject to court orders in the larger interest of home buyers, banks, financial institutions, and further “in the interest of completion and completion of projects”.
Senior advocate Gopal Jain appeared in practice for NBCC in the matter and agreed to submit submissions next Tuesday.
NBCC's plea was mentioned by advocate ML Lahoti, who appeared for Eco Village 2 home buyers and welcomed the move.
Despite the project being included in the first phase of NBCC's proposed construction plan, members of the project were displeased by a Supreme Court directive on 11 May 2023 that stayed the bankruptcy proceedings on the project. gave The court prevented the creditors' committee from proceeding with voting on the resolution plan.
Lahuti informed the court that the homebuyers of Eco Village 2 have sought modification of the May 2023 order indicating that important information regarding the transfer of funds from Eco Village 2 at the time of passing the order. were not available to the court.
He said that Supertech's transactional audit report issued in June 2023 suggested that the Eco Village 2 project was financially sound as it was found that ₹619 crore was either diverted to other supertech projects or siphoned off by the real estate firm's erstwhile promoters.
NBCC is nearing completion of Amrapali projects comprising of 46,000 housing units while Supertech is nearing completion of over 50,000 housing units. In its terms and conditions, NBCC said it would require 12 to 36 months to complete various projects with varying conditions. These conditions include approval of terms of reference, completion of such project due diligence or audit, obtaining required permits/approvals from statutory bodies, award of work to contractors, handing over peaceful and vacant possession of project sites to NBCC. . Able to start work, and availability of funds allocated for each project.
NBCC suggested that a judicial committee may be set up to monitor the completion of projects and provision may be made to deposit funds in a designated account in the name of NBCC (I) Limited- Supertech unfinished projects, which To own, operate and manage. through NBCC through its authorized signatories.
Before starting work, NBCC has proposed to submit due diligence project wise report to its satisfaction. This report will form the basis for approval by the Judiciary Committee on a case-by-case basis, known as Phase I approval. The committee will approve the funds within one month of approval. If such funds are not disbursed within the said period, NBCC's obligations shall be suspended, the Company has stated in its terms and conditions.
For completion of projects, NBCC demanded a calculation fee at the rate of 8% on the “actual cost of work” and a marketing fee at the rate of 1% on the sale value of the project for rendering project management consultancy services.