NCLAT demands update on 16 stalled Supertech housing projects

The National Company Law Appellate Tribunal (NCLAT) has ordered the National Buildings Construction Corporation (NBCC) to provide an update on 16 stalled Supertech Limited housing projects. The tribunal has requested a comprehensive status report from the court-appointed Apex Court Committee within two weeks to address significant construction delays.

Approximately 14,000 homes remain undelivered across projects located in Uttar Pradesh, Uttarakhand, Haryana, and Karnataka. These developments, originally launched between 2010 and 2012, involve nearly 50,000 total units. The NCLAT also directed the NBCC, acting as the project management consultant, to report on its progress in awarding construction contracts.

The legal proceedings follow insolvency actions initiated by the Union Bank of India in 2021. While the NBCC was appointed as the implementing agency to oversee construction and fund management, homebuyers have expressed frustration over a perceived lack of visible on-site activity.