Supertech Sports City Villas Knowledge Park V Greater Noida, Greater Noida

The National Company Law Tribunal (NCLT) has declared Supertech Ltd insolvent after a plea by Union Bank of India over non-payment of dues, potentially affecting 25,000 homebuyers. Supertech plans to challenge the order, stating that they have delivered homes to 27,111 out of 38,041 customers.

The NCLAT appointed NBCC as a project management consultant to complete 16 Supertech real estate projects, encompassing nearly 50,000 homes across Uttar Pradesh, Uttarakhand, Haryana and Karnataka, at a cost of nearly Rs 9,500 crore. The consultancy fee has been fixed as 8 per cent, including 1 per cent marketing fee.

The Supreme Court stayed an order appointing NBCC as the project management consultant to complete Supertech Ltd's 16 housing projects at nearly ₹9,500 crore cost. The bench also ordered the constitution of an apex court committee and project-wise court committee for each project.

The Supreme Court upheld the NCLAT's order for NBCC to complete 16 stalled Supertech housing projects, using Article 142 of the Constitution. The court has restrained all tribunals and high courts from passing any order that may lead to the stalling of the construction work to be completed by NBCC Ltd. The interest and dues of financial and operational creditors can be addressed only after the delivery of fully-furnished houses to the homebuyers.