The Supreme Court on Friday stayed an order appointing state-owned NBCC as the project management consultant to complete debt-ridden realty firm Supertech Ltd’s 16 housing projects at nearly Rs 9,500 crore cost.
The top court was hearing two appeals against the National Company Law Appellate Tribuna or NCLAT order and expressed concern for home buyers.
A bench, comprising Chief Justice Sanjiv Khanna and Justices Sanjay Kumar and KV Viswanathan, issued notices to the parties on the appeals and stayed the NCLAT order that appointed National Buildings Construction Corporation or NBCC to take over the Supertech projects.
The NCLAT on December 12, 2024 asked the NBCC, a PSU under the Union Ministry of Housing and Urban Affairs, to complete 16 housing projects, comprising 49,748 homes in Uttar Pradesh, Uttarakhand, Haryana and Karnataka.
Around 27,000 home buyers await receiving homes in these projects.
The NCLAT judgment came after the October 1, 2014 order of the top court that allowed the insolvency appellate tribunal to examine and decide a proposal of the NBCC seeking to complete stalled housing projects.
The CJI asked the parties concerned to file their their responses in writing with regard to plans about the completion of stalled housing projects sans the NBCC.
