In a major relief for thousands of long-waiting homebuyers, the Supreme Court on Thursday upheld a National Company Law Appellate Tribunal (NCLAT) order directing state-run NBCC (India) Ltd to complete 16 stalled housing projects of debt-ridden real estate firm Super tech.
Invoking its extraordinary powers under Article 142 of the Constitution, a bench led by Chief Justice Surya Kant and Justice Joy Mallya Bagchi ruled that the NCLAT’s December 12, 2024, order was fair and in line with the Insolvency and Bankruptcy Code. The court also barred all tribunals and high courts from passing any order that could halt construction work. The bench noted that Super tech had booked nearly 51,000 homes between 2010 and 2012, many of which remain incomplete even after more than a decade. Emphasizing that homebuyers’ interests must take priority, the court said financial and operational creditors would be addressed only after completed homes are handed over.
The Supreme Court directed NBCC to deliver homes with all promised amenities, including water, electricity, sewage, roads and parks. Creditors, the court ruled, may have to take a haircut as deemed just by insolvency tribunals.
