NCLAT orders separate completion timelines for 16 stalled Supertech projects by November 6
The National Company Law Appellate Tribunal has directed a Supreme Court committee to provide individual completion timelines for each of 16 stalled Supertech housing projects. The committee must submit a report with tentative dates by the next hearing on 6 November 2026, as the current proposal of
The National Company Law Appellate Tribunal (NCLAT) has ordered a Supreme Court-appointed committee to provide separate timeline commitments for the completion of each of the 16 stalled Supertech housing projects, with a report due by the next hearing on 6 November 2026. The state-owned NBCC has taken over these projects, which are at different stages of construction and have been delayed for years.
The committee had filed an affidavit proposing fresh timelines for starting construction and completing the projects within a range of 12 to 36 months. However, the three-member NCLAT bench, comprising Officiating Chairperson Justice Yogesh Khanna and Technical Members Barun Mitra and Ajai Das Mehrotra, noted that no concrete completion date was given for any individual project. "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," the bench said, adding that the report should also disclose the finances currently available.
On funding, the affidavit stated that resources for commencement would be mobilised through alternate sources, with interim finance expected to continue until about March 2027. Financing proposals from certain companies were found unviable due to high interest rates. Public sector banks and financial institutions have asked for a techno-economic viability report on Supertech and its projects, which is expected by 15 December 2026. Funding from these banks may take until about March 2027.
As a parallel mechanism, a clause has been added to tender packages allowing contractors to self-finance works for an initial six months if the committee lacks sufficient funds. Contractors would be paid interest at a nominal rate of 6 to 7 per cent per annum on 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, with the award process expected to be completed by 31 December 2026.
Supertech is currently undergoing the corporate insolvency resolution process initiated by the National Company Law Tribunal (NCLT) following a plea by its lead lender, Union Bank of India, filed on 20 March 2021. The NCLAT had constituted the apex court committee on 12 December 2024 and directed NBCC to take over and complete the 16 stalled housing projects, with project-wise committees to oversee the process and separate accounts to be maintained.
