NBCC moves SC to complete stalled projects of realty major Supertech Ltd
NBCC on Tuesday moved the Supreme Court seeking to develop and complete embattled realty major Supertech Limited's 17 stalled or partially built projects where around 27,000 hassled home buyers are stuck for years. These 17 projects were launched in the National Capital Region, Dehradun and Bengaluru but completion of the residential units was hit due to financial crisis faced by the realty major which led to insolvency proceedings since 2021.
A bench of Justices Sanjiv Khanna and Sanjay Kumar was told by advocate ML Lahoty, appearing for the hassled home buyers, that the National Buildings Construction Corporation Ltd (NBCC) has come forward with a proposal to complete these stalled projects having around 51,000 residential units.
Senior advocate Gopal Jain, appearing for NBCC, said the public sector undertaking has filed an intervention application in a matter related to insolvency proceedings of Supertech Ltd to develop the stalled project on the lines of Amrapali Group.
In the case involving Amrapali Group, the apex court had appointed NBCC to complete the stalled projects after the realty firm faced allegations of diversion and siphoning of huge amount of homebuyers' money.
The bench, which agreed to list the matter on October 1, said it will consider the NBCC proposal.
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