The Supreme Court of India.
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New Delhi: In a relief to harried homebuyers, the Supreme Court on Thursday upheld an order passed by the National Company Law Appellate Tribunal by directing the state-owned National Buildings Construction Corporation (NBCC) to complete debt-ridden realty firm Supertech Limited's 16 housing projects expeditiously.
The top court used its extraordinary power under Article 142 of the Constitution to uphold the December 12, 2024, order of the NCLAT, asking the NBCC to take over the projects in the interest of the homebuyers, waiting for the delivery of their dream homes for more than a decade.
A bench of Chief Justice of India Surya Kant and Justice Joymalya Bagchi said, “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 made it clear that houses must contain all the assured facilities like water, electricity, sewage connections, besides roads and parks in the neighbourhood.
The court also restrained all the tribunals and high courts from passing any order that may lead to the stalling of the construction work to be completed by the NBCC Limited.
The bench noted that real estate firm Supertech, according to many homebuyers, had booked around 51,000 homes for delivery during 2010-12.
The court said that the interest and dues of the financial and operational creditors of the debt-ridden real estate firm can be taken care of only after the delivery of fully-furnished houses to the hassled homebuyers. It said the financial and operational creditors of Supertech will have to take the haircut as found just and equitable by the tribunals — the NCLT and the NCLAT.
The bench directed the NBCC to undertake the projects and complete them expeditiously as envisaged by an expert committee set up by the NCLAT. The bench also directed the committee to provide support to the NBCC in the completion of the projects.
The court gave the parties liberty to approach it in view of any development that may come in the way of the ongoing projects.
In February, 2025, the court had stayed an order appointing the NBCC as the project management consultant to complete the 16 housing projects of Supertech at a cost of nearly Rs 9,500 crore.