Key Hearing Set for October 21 as Homebuyers Rally for Resolution

The National Company Law Appellate Tribunal (NCLAT) has issued a significant directive, inviting stakeholders—including homebuyers and lenders—to submit objections to NBCC’s proposal to take over 11 delayed housing projects by Supertech Limited. The notice, released on September 19, has set the stage for a crucial hearing scheduled for October 21, 2024.

Stakeholders Urged to Voice Concerns

NCLAT Chairperson Ashok Bhushan has instructed interim resolution professional Hitesh Goel to compile all objections ahead of the upcoming hearing. Stakeholders have two weeks to electronically file their objections, which will be summarized and made available on the NCLAT website for public access. All lenders, homebuyers, landowners, and banks are encouraged to participate in this process.

Background on Supertech’s Struggles

The call for objections follows previous NCLAT directives for NBCC to devise a resolution plan to address the grievances of over 27,000 homebuyers. Supertech’s corporate insolvency resolution process commenced in March 2022, initiated by Union Bank of India due to the company’s financial difficulties.

Homebuyers have highlighted several key concerns, including a request for no cost escalation on apartments, a forensic audit to trace fund diversions, the complete removal of current promoters, and a comprehensive resolution plan from NBCC.

Homebuyers’ Voice Grows Stronger

A representative for the homebuyers expressed optimism, noting that the NCLAT recognized their concerns and accepted their intervention application. Authorized representatives from various housing projects—including North Eye, Ecociti, and others—have filed formal prayers with the tribunal.

Supertech’s Commitment to Completion

In response to the ongoing challenges, Supertech Chairman RK Arora reassured stakeholders that the company is exploring various funding models to complete the apartments within the next 2-3 years. He emphasized the need for homebuyers to have faith in Supertech’s commitment to delivering viable projects.

Legal Background and Future Steps

The corporate insolvency resolution process for Supertech was initiated after a legal challenge from Union Bank of India, leading to several NCLAT orders aimed at restructuring the company’s operations. The NCLAT has previously placed the Ecovillage 2 project under a creditors’ committee, with all projects now under the supervision of the interim resolution professional.

As the October hearing approaches, the involvement of homebuyers and other stakeholders is poised to play a crucial role in shaping the future of these delayed housing projects. The situation remains dynamic, with many eyes on how the NCLAT will respond to the concerns raised.