New Delhi, Feb 5 (UNI) Giving relief to more than 51,000 homebuyers, the Supreme Court on Thursday upheld the order of the National Company Law Appellate Tribunal (NCLAT) directing state-owned National Buildings Construction Corporation (NBCC) to expeditiously complete 16 stalled housing projects of debt-ridden real estate developer Supertech Limited.
Observing that the protection of homebuyers was paramount, the Apex Court invoked its extraordinary powers under Article 142 of the Constitution to issue comprehensive directions.
A Bench comprising Chief Justice of India Justice Surya Kant and Justice Joymalya Bagchi affirmed the NCLAT’s December 12, 2024, order, holding that bringing NBCC on record for completion of the projects was neither unfair nor contrary to the provisions of the Insolvency and Bankruptcy Code (IBC). The Court noted that it had earlier stayed the tribunal’s order in February 2025.
Supertech had booked nearly 51,000 residential units during the 2010–12 period, but thousands of homebuyers were left stranded due to prolonged delays and the company’s financial distress.
The Court made it clear that the dues of financial and operational creditors of Supertech could be considered only after fully constructed and furnished homes are handed over to the buyers.
The Bench further directed that the completed homes must include all promised amenities, including assured water and electricity supply, sewage connections, and development of roads and parks in the surrounding areas.
NBCC was directed to undertake and complete the projects expeditiously in accordance with the roadmap prepared by an expert committee constituted by the NCLAT, with the committee extending all necessary assistance to NBCC in execution of the projects.
To prevent further delays, the Supreme Court restrained all tribunals and High Courts from passing any order that could stall, impede or interfere with the construction work to be carried out by NBCC.
The NCLAT proceedings arose from an application filed by NBCC seeking permission to undertake the stalled housing projects of Supertech Limited, the corporate debtor, in pending insolvency proceedings initiated by union Bank of India.
Supertech is a real estate company engaged in the construction of housing projects in Noida, Greater Noida and several other cities across the country.
In its December 12, 2024, order, a Bench comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Technical Member) brought NBCC on record for completion of the projects, while making it clear that NBCC would remain bound by all statutory requirements, including compliance with the Real Estate (Regulation and Development) Act (RERA).
The Tribunal relied on the Supreme Court’s judgment in Bikram Chatterji & Ors. v. union of India, emphasising that the public trust doctrine obligates the State and its instrumentalities to take affirmative action to protect homebuyers’ interests.
The NCLAT clarified that homebuyers who had already made substantial payments would not be burdened with any additional cost for completion of the projects, except for unpaid dues strictly as per their Builder Buyer Agreements.
It further held that the completion of projects would be funded through unsold inventory, receivables from homebuyers and financial support from NBCC.
The Tribunal also laid down key safeguards, including prioritisation of quality construction with third-party audits by reputed institutions, and mandated completion of projects within a time frame of 12 to 36 months.
Solicitor General Tushar Mehta appeared for NBCC, while Senior Advocates Shyam Divan, V. Giri and others represented the various stakeholders.
