Noida: In Dec 2024, state-run NBCC was assigned to complete Supertech projects under a Supreme Court-monitored mechanism, offering hope to thousands of affected homebuyers. But construction has not started, mainly due to a funding crunch, which continues to shape how the revival plays out.NBCC claimed that of the 16 stalled projects, it has found that surplus funds from 5-6 need to be diverted to those facing shortages, which is not permitted by Rera Act, 2016.It had approached National Company Law Appellate Tribunal (NCLAT) seeking exemption from certain Rera financial-compliance norms, arguing that the rigid cash-flow rule complicated its ability to manage funds efficiently while reviving stalled construction. But in its May 22 ruling, NCLAT rejected the request, stating it was not competent or legally authorised to waive statutory requirements mandated by other laws like Rera.Last month, the state-owned corporation approached Supreme Court, which on Aug 17 agreed to hear NBCC’s plea against NCLAT order and will hear the plea on Sept 24.In its plea, NBCC sought exemption from Section 4(2)(l)(D) of RERA Act, which requires it to maintain separate accounts for each of the 16 projects in a scheduled bank and deposit 70% of the amounts realised from allottees into accounts for the relevant project.It also sought waiver from Section 14(2), which requires a promoter to adhere to sanctioned plans, layout plans and specifications approved by a competent authority, including the nature of fixtures, fittings, amenities and common areas of the apartment, plot or building, besides exemption from Section 15, which prohibits a promoter from transferring or assigning the majority of its rights and liabilities in a real estate project to a third party without the prior written consent of at least two-thirds of the allottees, and from Section 18, which places the primary liability on promoters to compensate homebuyers for delays in handing over possession as per the agreed schedule.In March 2021, Union Bank of India initiated insolvency proceedings against Supertech under Section 7 of Insolvency and Bankruptcy Code (IBC) before NCLT. On March 25, 2021, NCLT admitted the petition after finding that the company had defaulted on a loan of Rs 432 crore taken for Ecovillage II project.On Dec 12, 2024, NCLAT approved NBCC as the implementing agency for 16 stalled Supertech projects, which together comprise around 50,000 flats. Of these, nearly 14,000 are yet to be delivered.Of the stalled Supertech projects, six — Sports Village, Ecovillage 1, 2 and 3, UP Country and Czar Suites — are in Greater Noida, and four — Eco Citi, Romano, Capetown and North Eye — are in Noida. Of the rest, two each are in Gurgaon and Meerut and one each in Uttarakhand and Bengaluru.Last week, a group of homebuyers protested outside the developer’s Noida office, alleging that not a brick has moved in the last 21 months since the project was handed over to NBCC.NBCC claimed legal hurdles after the projects were handed over were responsible for the delay. NCLAT approved NBCC as the implementing agency on Dec 12, 2024. Two months later, in Feb 2025, Supertech challenged the move in SC, which stayed NCLAT’s Dec order and stalled the work. After one year, in Feb 2026, the apex court again approved the revival of these projects and asked NBCC to complete the projects.
