New Delhi: The Supreme Court on Friday put on hold an order appointing state-owned National Buildings Construction Corporation (NBCC) as the project management consultant to complete debt-ridden realty firm Supertech Ltd's 16 housing projects at nearly Rs 9,500 crore cost.
The matter was heard by a bench led by Chief Justice of India Sanjiv Khanna and comprising Justices Sanjay Kumar and K V Viswanathan. The bench was hearing two appeals against the National Company Law Appellate Tribunal (NCLAT) order. The bench expressed concern for home buyers.
The bench issued notices to the parties in the matter and also put on hold the order passed by NCLAT, which appointed NBCC to take over the Supertech projects. The bench said it needs to examine whether the procedure, under the Insolvency and Bankruptcy Code, was followed by the NCLAT while appointing the NBCC as a project management consultant to complete the housing projects.
The bench asked the parties concerned to file their response in connection with the plans about the completion of stalled housing projects sans the NBCC. The bench asked the resolution professional to perform its functions as per law in the meantime. The top court has scheduled the matter for further hearing week commencing on April 1.
In December 2024, the NCLAT asked NBCC to complete 16 housing projects, comprising 49,748 homes in Uttar Pradesh, Uttarakhand, Haryana and Karnataka. Around 27,000 home buyers await receiving homes in these projects.
