New Delhi, Insolvency appellate tribunal NCLAT has sought separate timeline commitments for the completion of each of the 16 delayed Supertech projects that have been taken up by state-owned NBCC.
A Supreme Court panel, which has been tasked to oversee the progress of these housing projects, has filed an affidavit in the NCLAT, proposing fresh timelines for starting the construction work and completing them between 12 and 36 months.
The three-member NCLAT bench took note of the timelines and asked the apex court committee to file a report on the tentative completion date for each project by the next hearing on November 6.
“…there is no concrete date of completion of construction given in the affidavit, though it noted it shall be between 12-36 months,” said the NCLAT bench comprising Officiating Chairperson Justice Yogesh Khanna and Technical Members Barun Mitra and Ajai Das Mehrotra.
“We request the Apex Court Committee to file a report of tentative completion date in each of the 16 projects, as each project is at a different stage of construction and such report/affidavit may also disclose the finances available as of today and it be filed prior to the next date of hearing and the matter be listed for further orders on 06.11.2026,” it said.
According to the affidavit, due diligence and audit necessary for commencement of construction is proposed to be completed on or before January 15, 2027, while statutory approvals are to be obtained before construction begins from January 16, 2027.
The process for award of works by NBCC is expected to be completed by December 31, 2026.
On funds, the affidavit said resources for commencement would be mobilised through alternate sources, while the process for raising interim finance is expected to continue until about March 2027.
The committee told the tribunal that financing proposals received from certain companies were found unviable because of the high interest rates.
Public sector banks and financial institutions approached by it have sought a techno-economic viability report on Supertech and its projects, which is expected by December 15, 2026. Funding from public sector banks may take until about March 2027, it said.
As a parallel mechanism, a clause has been added to the tender packages, allowing contractors to self-finance works for an initial six months from the date of the relevant running account bill if the committee does not have sufficient funds.
They would be paid interest at a nominal rate of 6-7 per cent per annum on the deferred amounts.
NBCC is finalising tender documents for the 16 projects and proposes to issue 27 or more separate sub-tender packages through open e-tendering, the order said.
On December 12, 2024, NCLAT had constituted an apex court committee and had directed NBCC to take over and complete Supertech’s 16 stalled housing projects. It had also directed the project-wise committees to oversee the process, with separate accounts to be maintained.
Supertech is going through the corporate insolvency resolution process initiated by the National Company Law Tribunal (NCLT) over the plea of its lead lender, Union Bank of India, filed on March 20, 2021.
