SC Halts NCLAT Order Handing Over 16 Supertech Projects to NBCC | Full List of Affected Projects

New Delhi: The Supreme Court on Friday stayed the National Company Law Appellate Tribunal (NCLAT) order appointing state-owned NBCC as the project management consultant to complete real estate firm Supertech Ltd’s stalled housing projects, estimated at nearly ₹9,500 crore.

A bench comprising Chief Justice Sanjiv Khanna and Justices Sanjay Kumar and K.V. Viswanathan heard two appeals challenging the NCLAT’s decision and expressed concern for homebuyers affected by the delays. 

Issuing notices to all concerned parties, the bench put the NCLAT order on hold, stating that it would examine whether the tribunal followed due process under the Insolvency and Bankruptcy Code (IBC) while appointing NBCC to take over the completion of Supertech’s projects.

NCLAT's Order and the Supreme Court's Intervention

On December 12, 2024, the NCLAT had directed NBCC, a PSU under the Union Ministry of Housing and Urban Affairs, to take over the completion of 16 stalled Supertech projects across Uttar Pradesh, Uttarakhand, Haryana, and Karnataka, covering a total of 49,748 homes. Of these, 27,000 homebuyers are still awaiting possession.

The NCLAT’s ruling followed an earlier Supreme Court order dated October 1, 2014, which allowed the tribunal to evaluate a proposal by NBCC to resume work on the unfinished housing projects. As per the NCLAT’s directive, NBCC was to initiate the process of awarding contracts before March 31, 2025, with construction scheduled to begin on May 1, 2025.

However, the Supreme Court, while staying the order, asked all parties to submit detailed plans on how to complete the stalled projects without NBCC’s involvement. The bench also directed the resolution professional to continue fulfilling its duties as per the law and scheduled the next hearing in the first week of April 2025.

Supertech's Response and Stakeholder Concerns

R.K. Arora, Chairman of Supertech Group, welcomed the Supreme Court’s decision, stating that the NCLAT’s order had disregarded key stakeholders such as land authorities and lenders.

“We respect the Supreme Court's decision to stay the NCLAT order, which arbitrarily allowed NBCC to take over Supertech’s projects without considering the interests of all stakeholders. We support the court’s move to invite other companies to propose a viable solution that addresses the concerns of homebuyers, banks, and land authorities,” Arora said in a statement.

NBCC’s Proposal and Project Phases

Before the NCLAT, NBCC had submitted a plan to complete the projects in three phases, covering multiple stalled projects in the National Capital Region (NCR), Dehradun, and Bengaluru.

• Phase 1: Eco-Village-2 (Greater Noida), Romano (Noida), Capetown (Noida), Czar Suites (Greater Noida), Eco-Village-3 (Greater Noida), Sports Village (Greater Noida), and Eco-Citi (Noida).
• Phase 2: Northeye (Noida), Upcountry (Yamuna Expressway), Eco-Village-1 (Greater Noida), Meerut Sports City (Meerut), and Green Village (Meerut).
• Phase 3: Hilltown (Gurugram), Araville (Gurugram), Rivercrest (Rudrapur), Doon Square (Dehradun), and Micasa (Bengaluru).

The NCLAT had invited objections from homebuyers and stakeholders regarding NBCC’s proposal before issuing its order. However, the Supreme Court’s stay now puts a pause on NBCC’s takeover of the projects.

Supertech’s Insolvency Background

Supertech Ltd has been undergoing insolvency proceedings since March 20, 2021, after Union Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), claiming dues of over ₹431 crore (as of January 31, 2021), along with accrued interest.

On May 11, 2023, the Supreme Court had earlier allowed a "project-wise resolution" process, enabling Supertech to continue construction under the supervision of an Interim Resolution Professional (IRP). However, the NCLAT later ruled in favor of NBCC taking over all pending projects, a move that has now been put on hold by the top court.

With the Supreme Court now seeking alternative proposals for the stalled projects, homebuyers and other stakeholders await further clarity on the way forward. The next hearing is scheduled for April 2025.