More than 25,000 homebuyers of Supertech are staring at an uncertain future after the Supreme Court stayed an order appointing state-owned NBCC to complete the stalled housing projects.
Homebuyers face further delays as NBCC started the groundwork for completing 16 housing projects, comprising 49,748 homes, in Uttar Pradesh, Uttarakhand, Haryana and Karnataka.
“Homebuyers were hoping for a quick resolution when NBCC was asked to take over. Homebuyers are still waiting for homes as various Supertech projects that started in 2010 remain incomplete, leaving the buyers distressed,” said Aakash Goel, the coordinator for 26,500 united homebuyers of Supertech. “Most of them are paying both home EMIs and rent, and are unable to benefit from interest deductions in income tax because they have not received possession of their homes. Those who have received their homes are suffering from chaos and mismanagement in partially completed societies with inadequate infrastructure.”
The NCLAT had directed the NBCC to “start the process of award of work before March 31, 2025” and award of contract within a month thereafter and the construction was ordered to start from May 1, 2025 for the 16 projects.
It also ordered the “constitution of an apex court committee and project-wise court committee” for each project.
In each project-wise court committee, the NBCC was asked by NCLAT to nominate one member.
“I have had two homes booked since 2014 and they have not been delivered yet. After a legal fight, we were hopeful of resumption of work. The judiciary should understand the pain of homebuyers and set the right precedent. The priority of any legal process should be delivery of homes,” said Gulshan Kumar, a Supertech homebuyer.
Homebuyers have also demanded a forensic audit of Supertech to help raise funds for timely completion of projects.
The homebuyers had also demanded complete removal of management of Supertech and there should be no cost escalation for existing homebuyers.
The Supreme Court, in its order, has asked third parties to file their written counter proposals on construction of the flats as an alternative to construction by NBCC (India) Ltd.
“The written counter proposals will specifically indicate as to whether the proposer(s) are connected to or associated with the ex-promoters or shareholders of the corporate debtor. The written counter proposals will be submitted on or before March 21, 2025,” the SC has said.
The primary issue which was to be examined is as to whether the National Company Law Appellate Tribunal was right in awarding the work of construction to NBCC (India) Ltd. without following the procedure prescribed under the Insolvency and Bankruptcy Code, 2016.
