NBCC Steps in as Consultant to finalize 16 pending projects of Supertech

The NCLAT appoints NBCC as a consultant to complete Supertech's 16 housing projects at a cost of 9,445 crore; NBCC is expected to complete the projects within three years.

The National Company Law Appellate Tribunal has appointed the government's construction arm NBCC as a project management consultant to complete real estate company Supertech Ltd.’s 16 real estate projects in Uttar Pradesh, Uttarakhand, Haryana and Karnataka.

The Hon'ble NCLAT, in its order dated December 12, 2024, has appointed NBCC (India) Limited as a Project Management Consultant for the completion of 16 projects of Supertech Ltd.

16 projects will be completed with 49,748 no. Houses in Uttar Pradesh, Uttarakhand, Haryana and Karnataka are listed. The estimated construction cost of the project is Rs. 9,445 crores, including a 3% contingency. It said in a regulatory filing that the PMC fees were fixed as 8% including 1% marketing fee.

NBCC said it has been appointed as a consultant with no liability and that it will complete the Supertech projects within three years.

For 16 projects, comprising 49,748 houses in Uttar Pradesh, Uttarakhand, Haryana and Karnataka, NCLAT has directed NBCC to start the process of awarding work before March 31, 2025.

The NCLAT has also called for the establishment of a supreme court committee and a project-specific court committee for each project.

After obtaining the necessary details from the concerned project-specific Court Committee, the apex court committee is empowered to decide on the transfer of surplus funds from one project to another.