NBCC eyes Supertech's troubled projects amid legal and financial turmoil
NBCC has shown interest in taking over all the pending projects of real estate developer Supertech, which has been facing multiple cases from homebuyers over delayed deliveries besides an Enforcement Directorate investigation into alleged money laundering.
During the insolvency proceedings of one of the group companies of Supertech, the interim resolution professional (IRP) had approached NBCC.
NBCC has informed IRP and lender Union Bank of India that it is ready to take all the projects of Supertech, provided it is given complete access to the details of the projects and all the data related to them.
The Noida-headquartered real estate developer has to deliver over 15,000 homes.
According to a National Company Law Appellate Tribunal (NCLAT) order on July 8, attorney general Venkat Ramani has submitted before the court that he has received instructions that NBCC is interested in undertaking the projects subject to due diligence and that lenders of the Supertech are not averse to the proposal of NBCC.
“Alok Kumar, counsel for Union Bank of India, submits that NBCC was earlier contacted by the IRP with regard to Eco Village-II and NBCC has now informed the lenders that they may take all the projects provided they are given access to the details of the projects and other data. Counsel for the IRP submits that in event the lenders make a request with regard to relevant details, the same shall be shared by the IRP,” the NCLAT order said.
The bankruptcy court had ordered Corporate Insolvency Resolution Process
