NCLAT’s appointed NBCC, to complete 16 pending projects by Supertech worth Rs. 9, 445 Crore. The decision (National Company Law Appellate Tribunal) is a major relief to homebuyers
Also, NBCC (National Building Construction Company) is given a deadline of three years to complete these projects. NBCC will act as a project management consultant for the completion of real estate projects by Supertech across India. Including real estate projects in Uttar Pradesh, Uttarakhand, Haryana, and Karnataka.
Also Read: NBCC’s Business Soars High in Financial Year 2023-24
In the regulatory filing, NBCC said that it will try to complete all projects within three years. In the filing on December 12, the company said, “This is to inform that Hon’ble NCLAT vide its order dated December 12, 2024, has appointed NBCC (India) Limited as Project Management Consultant for completion of 16 projects of Supertech Ltd.”
“NBCC will complete 16 projects with 49,748 nos. of houses in Uttar Pradesh, Uttrakhand, Haryana, and Karnataka. The tentative construction cost of the project is approx Rs. 9,445 Crore including 3% contingency. The PMC fees fixed as 8% including 1% marketing fee,” it said in a regulatory filing.
Know the Timeline…
In another filing, NBCC said it has been appointed as a consultant ‘with no liability, and it will complete the Supertech projects within three years.’
While appointing NBCC the consultant for Supertech’s projects, NCLAT directed the Government-backed company to “start the process of award of work before March 31st, 2025,” and “award of contract within one month thereafter and construction shall commence from May 1, 2025” for 16 projects.
The NCLAT Order
NCLAT also directed “for the constitution of an Apex Court Committee and Project-wise Court Committee for each project.”
“We direct for constitution of an Apex Court Committee and Project-wise Court Committee for each Project… In the project-wise Court Committee, NBCC (I) Ltd. Shall also nominate one Member in each Project-wise Court Committee, who will be added in that Committee. After the completion of constitution of Apex Court Committee and Project-wise Court Committee on the website as early as possible…,” according to the 64-page order.
It further informed that the Apex Court Committee has the power to transfer surplus amount from one project to another after examining the necessary details from the respective project-wise Court Committee.
Apex Court Committee has the power to Transfer Surplus Amount
“The Apex Court Committee is empowered to take decision for transferring surplus amount from one project to other project after obtaining necessary details from concerned Project-wise Court Committee…Project wise account be maintained in which all receivables from the concerned Projects be deposited and account can be debited only with the approval of project-wise Committee/Apex Court Committee. The accounts shall be operated by joint signatories, i.e., IRP and one nominee of NBCC (I) Ltd,” said the order.
As suggested, NBCC will receive the required funds of Rs. 100 Crore in the above said account. It will be used according to the directive of the Apex Court Committee for project, the order said.
For the second time NBCC bags Project Completion Directive
“A separate account, in the name of NBCC (I) Ltd – Supertech unfinished project as suggested by NBCC shall be opened and operated by NBCC through its authorized signatories with the joint signature of IRP,” it said, adding that all funding received for completion of the project will be credited in this account, which shall be under direction and control of Apex Court Committee.
NCLAT also said that statutory authorities, whose sanction is necessary for renewal or sanction of the building plan or registration of the same.
“It will consider and communicate their decisions within 30 days of IRP making requisite applications.”
On the order of the Hon’ble Supreme Court NBCC is already completing Amrapali group’s real estate projects. Amrapali group was declared insolvent years back and the homebuyers were awaiting possession of stalled projects.
(With inputs from PTI)
