News: SC-appointed panel tells NCLAT construction at 16 stalled Supertech projects will resume on January 16, 2027-28-09-2026
A Supreme Court-appointed committee has told the National Company Law Appellate Tribunal (NCLAT) that construction on 16 stalled Supertech projects will begin on January 16, 2027, with tenders to be issued in phases from October 1 to 15 this year.
In a September 24 affidavit seen by HT, the committee said NBCC, the project management consultant, was finalising tender documents and proposed to issue 27 or more separate sub-tender packages. NBCC floated a tender for the Supertech River Crest project in Rudrapur on September 16, according to officials who sought anonymity. The committee said it would ensure the sites are available for peaceful and unhindered commencement.
It stressed that funding remains the key challenge. It will keep pursuing interim finance and alternative funding, including from public sector banks and financial institutions. Two investment and capital firms made financing proposals, but the interest rates made them unviable. Banks have asked for a techno-economic viability report on the 16 projects, which has been commissioned and is due by December 15, 2026.
Sale of unsold inventory is another source of funds. The committee has asked a global accounting and professional services firm to verify inventory reported as unsold in an NCLAT order of December 12, 2024, which recorded 50,356 units in the 16 projects, of which 40,316 were sold and 10,040 unsold.
In February 2026 the Supreme Court approved NBCC’s takeover of the 16 projects. Separately, the court formed the committee to examine whether all 30 Supertech projects should be taken over by NBCC, a question still before NCLAT.
The projects are in Uttar Pradesh, Uttarakhand and Bengaluru, including four in Noida and five in Greater Noida, with others along the Yamuna Expressway and in Gurugram, Meerut, Rudrapur and Dehradun.
