NBCC To Lead Completion Of Supertech's Stalled Projects, Securing Homebuyers' Rights
3 months, 1 week ago

NBCC To Lead Completion Of Supertech's Stalled Projects, Securing Homebuyers' Rights

Live Law  

In a landmark judgment, the National Company Law Appellate Tribunal Delhi bench comprising Justice Ashok Bhushan and Barun Mitra has approved NBCC Ltd.'s proposal to complete 16 incomplete projects of Supertech Limited. In an application filed by NBCC Ltd., the Supreme Court on 01.10.2024 directed that the pendency of appeals would not hinder NCLAT's examination of NBCC's proposal for 17 ongoing Projects of the Corporate Debtor. In this case, NBCC was undoubtedly the best option to ensure timely delivery of flats to homebuyers, recovery of dues for banks, and payments to landowning authorities.” Union Bank of India supported NBCC's proposal, citing its capability to restore confidence among all stakeholders and recover public funds effectively. Shri Nakul Dewan, learned Senior Counsel for the IRP submitted that if the projects are to be handed over to NBCC, a Project-wise Committee consisting of IRP, Land Authorities, Financial Lenders, and representatives of Homebuyers should be established to supervise the projects.

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History of this topic

Supreme Court stays order asking NBCC to complete debt-ridden realty firm Supertech homes
Trending News
1 month, 1 week ago

Supreme Court stays order asking NBCC to complete debt-ridden realty firm Supertech homes

Live Mint  

New Delhi, Feb 21 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 ₹9,500 crore cost. The bench said it would examine whether the NCLAT followed the procedure under the Insolvency and Bankruptcy Code while appointing the NBCC as a project …

For NBCC, new order inflows are a shot in the arm
3 months, 1 week ago

For NBCC, new order inflows are a shot in the arm

Live Mint  

NBCC Ltd, a Navratna public sector undertaking in the construction space, is hogging limelight as the company has received a slew of new work orders lately. Last week, the National Company Law Appellate Tribunal appointed NBCC as the project management consultant for Supertech Ltd’s 16 real estate projects valued at ₹9,445 crore. In the September quarter, NBCC’s consolidated order book …

NBCC to complete 16 stalled Supertech projects; 10 things homebuyers should know
3 months, 2 weeks ago

NBCC to complete 16 stalled Supertech projects; 10 things homebuyers should know

Hindustan Times  

In a move that will bring relief to almost 50,000 buyers, the National Company Law Appellate Tribunal has appointed the government’s construction arm NBCC as a project management consultant to complete real estate company Supertech Ltd's 16 projects that have been delayed in Uttar Pradesh, Uttarakhand, Haryana and Karnataka. NCLAT has appointed the government’s construction arm NBCC as a project …

NBCC to take over Supertech Limited projects following NCLAT order
3 months, 2 weeks ago

NBCC to take over Supertech Limited projects following NCLAT order

Hindustan Times  

The National Company Law Appellate Tribunal on Thursday appointed state-owned NBCC Ltd to take over and complete 16 delayed housing projects of Supertech Ltd, bringing long-awaited relief to over 42,000 homebuyers who have been awaiting their homes for years. Insolvency appellate tribunal NCLAT, in its order, highlighted that NBCC must go beyond its typical role as a project management consultant …

NCLAT appoints NBCC as consultant to complete Supertech's 16 housing projects in UP, Uttarakhand, Haryana and Karnataka
3 months, 2 weeks ago

NCLAT appoints NBCC as consultant to complete Supertech's 16 housing projects in UP, Uttarakhand, Haryana and Karnataka

Hindustan Times  

In a move that will bring relief to thousands of homebuyers, the National Company Law Appellate Tribunal has appointed the government’s construction arm NBCC as a project management consultant to complete real estate company Supertech Ltd's 16 real estate projects in Uttar Pradesh, Uttarakhand, Haryana and Karnataka at a cost of almost ₹9,500 crore. National Company Law Appellate Tribunal has …

NBCC moves SC to complete stalled projects of realty major Supertech Ltd
6 months ago

NBCC moves SC to complete stalled projects of realty major Supertech Ltd

Hindustan Times  

New Delhi, Sep 24 The state-owned NBCC on September 24 moved the Supreme Court seeking to develop and complete embattled realty major Supertech Limited's 17 stalled or partially built projects where around 27,000 hassled home buyers are stuck for years. NBCC on September 24 moved the Supreme Court seeking to develop and complete embattled realty major Supertech Limited's 17 stalled …

SC Issues Notice In Homebuyers' Appeal Against NCLAT Order Giving Conditional Nod To NBCC Take Over Of Jaypee Infratech Project
4 years, 7 months ago

SC Issues Notice In Homebuyers' Appeal Against NCLAT Order Giving Conditional Nod To NBCC Take Over Of Jaypee Infratech Project

Live Law  

The Supreme Court on Wednesday issued notice in an appeal by 7 homebuyers under Section 62 of the Insolvency & Bankruptcy Code, 2016 against an order of the NCLAT dated April 22, 2020 whereby the tribunal also directed Jaypee Infratech's Interim Resolution Professional Anuj Jain to constitute an interim monitoring committee, comprising representatives of the NBCC and its. The Supreme …

NCLAT gives conditional go-ahead to NBCC for acquiring Jaypee Infratech; asks IRP to form interim monitoring committee
4 years, 11 months ago

NCLAT gives conditional go-ahead to NBCC for acquiring Jaypee Infratech; asks IRP to form interim monitoring committee

Firstpost  

In its bid, the NBCC had proposed to complete over 20,000 pending flats in housing projects launched by Jaypee Infratech in Noida and Greater Noida. NCLAT allows Resolution Professional to proceed with constituting Interim Monitoring Committee for execution of plan pic.twitter.com/3aBC7AAr7Q — CNBC-TV18 April 22, 2020 The NCLAT’s direction came over an urgent petition moved by the NBCC, which won …

SC Seeks NBCC Response On Completing Stalled Jaypee Group Projects
5 years, 6 months ago

SC Seeks NBCC Response On Completing Stalled Jaypee Group Projects

Live Law  

The Supreme Court on Tuesday sought response from the NBCC on whether it is willing to give a revised proposal to complete the stalled projects of Jaypee group.A bench of justices A M Khanwilkar and Dinesh Maheshwari issued notice to the National Buildings Construction Corporation Limited and sought its reply by Thursday.Additional Solicitor General Madhavi Divan, appearing for the. The …

Jaypee Infratech's IRP finds NBCC bid conditional, non-binding; creditors' panel meets on Thursday to discuss revised offer
5 years, 10 months ago

Jaypee Infratech's IRP finds NBCC bid conditional, non-binding; creditors' panel meets on Thursday to discuss revised offer

Firstpost  

The court-mandated deadline for completing the resolution plan for Japyee Infratech ended on 6 May and the CoC has sought an extension of the deadline. New Delhi: Realty firm Jaypee Infratech’s Interim Resolution Professional has opined that state-owned NBCC’s revised bid was conditional and non-binding, which ran contrary to terms of the insolvency proceedings, sources said. Sources said NBCC has …

NBCC wants lenders to consider its bid on merit to acquire bankrupt Jaypee Infratech
5 years, 10 months ago

NBCC wants lenders to consider its bid on merit to acquire bankrupt Jaypee Infratech

Firstpost  

NBCC said it entered into the insolvency proceedings of Jaypee Infratech to provide relief to over 20,000 home buyers. New Delhi: As its bid to acquire Jaypee Infratech got rejected by lenders, state-owned NBCC has written to the interim resolution professional that the company is interested in taking over Jaypee group firm and its offer should be considered on merit. …

NBCC submits revised bid for debt-ridden Jaypee Infratech; to complete over 20,000 delayed apartments in Noida
5 years, 11 months ago

NBCC submits revised bid for debt-ridden Jaypee Infratech; to complete over 20,000 delayed apartments in Noida

Firstpost  

In April 2018, Jaypee Group had also submitted a Rs 10,000 crore plan before lenders to revive Jaypee Infratech, but the same was not accepted. New Delhi: State-owned NBCC Ltd on Wednesday submitted its revised bid to acquire debt-ridden Jaypee Infratech and complete over 20,000 delayed apartments in Noida, sources said. Last week, Jaypee Group promoters made a fresh attempt …

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