News: NCLAT Flags NBCC Delays on Supertech Projects-20-09-2026
The National Company Law Appellate Tribunal (NCLAT) has voiced concern over state-run NBCC’s failure to keep to deadlines for restarting work on Supertech Ltd’s stalled housing projects, and has pulled up authorities for the delay in appointing an interim resolution professional (IRP) for the realty firm.
In a 5-page interim order on Friday, a three-member bench recorded that the NCLT had dealt with an application for appointment of the IRP and that the Insolvency and Bankruptcy Board of India (IBBI) had been directed to suggest names. It ordered the process completed within a week. The IRP is also to head the Apex Court Committee overseeing the projects and chair the Project-Wise Court Committee.
On NBCC, the tribunal referred to slippages against its earlier order dated May 6, 2026. In a passage that gives the date as June 6, 2026, it said Condition-I was satisfied on December 12, 2024, while Conditions II, III, V and VI were to be met on or before July 31, 2026. NBCC was also to process the award of work under Condition-IV before July 31, complete the contract within one month and begin construction from October 1, 2026.
Conditions II to VI are, respectively, due diligence of projects, statutory permissions, award of work, handover of possession to NBCC and making funds available.
The tribunal observed that the committee’s September 10 status report set out NBCC’s difficulties but gave no prospective completion dates. Counsel for the committee said a September 20 meeting with NBCC representatives would fix firm timelines.
The bench also directed that a list of documents NBCC sought from Supertech’s suspended management, and not yet furnished, be placed before it and shared with that management’s counsel. The next hearing is on September 25.
The NCLAT had on December 12, 2024 directed NBCC to take over and complete Supertech’s 16 stalled projects. Supertech has been under insolvency proceedings initiated by the NCLT on a plea by lead lender Union Bank of India on March 20, 2021.
