Supertech There is good news for lakhs of buyers stuck in the stalled projects of NBCC Limited. Government company NBCC Limited on Tuesday filed a petition in the Supreme Court appealing to develop and complete 17 stalled or partially constructed projects of real estate major Supertech Limited. About 27,000 troubled home buyers are stuck in these projects for years. These 17 projects were started in the National Capital Region (NCR), Dehradun and Bengaluru, but the construction of residential units could not be completed due to the financial crisis faced by the company, due to which insolvency proceedings are going on against the company since 2021.
NBCC will build 51,000 flats
Advocate M L Lahoti, appearing for the troubled home buyers, told a bench of Justices Sanjiv Khanna and Sanjay Kumar that NBCC has come up with a proposal to complete these stalled projects comprising about 51,000 residential units. Senior advocate Gopal Jain, appearing for NBCC, said the public sector undertaking has filed an intervention application in the case related to the insolvency proceedings of Supertech Limited so that the stalled projects can be completed on the lines of Amrapali Group.
Amrapali is completing the work of the group
In the case involving Amrapali Group, the Supreme Court had appointed NBCC to complete the stalled projects as the realty company was accused of misappropriating huge amounts of money of home buyers. The bench agreed to list the case on October 1 and said it would consider the proposal of NBCC.
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