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The Supreme Court has approved the completion of 16 stalled housing projects in the Delhi-NCR region that were originally to be developed by Supertech between 2010 and 2012, and directed that the projects be handed over to the state-owned NBCC.
The Court has asked NBCC to complete the construction within a fixed timeline of up to three years, providing major relief to nearly 50,000-51,000 homebuyers who have been waiting for possession for over 15 years. Upholding the December 2024, decision of the National Company Law Appellate Tribunal (NCLAT), a bench led by the Chief Justice of India (CJI) observed, "We find that the order passed by the NCLAT on December 12, 2024, in bringing the NBCC on record for the completion of the pending housing projects is neither unfair nor contrary to the provisions of the Insolvency and Bankruptcy Code (IBC)." The Court noted that Supertech had failed to complete the projects and that there were allegations of fund diversion by the company. In these circumstances, it held that transferring the projects to NBCC was necessary to ensure timely completion and to protect the interests of homebuyers. The Court also made it clear that its order is final and binding. Thus, it directed that no court or forum shall interfere with the implementation of its directions for completion of the projects. On December 12, 2024, the NCLAT appointed NBCC as the project management consultant to complete the 16 pending Supertech projects at an estimated cost of around 9,500 crore. However, on February 21, 2025, the Supreme Court stayed the NCLAT order. With the present ruling, the Court has now cleared the way for NBCC to take over and complete the stalled housing projects. (ANI)
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