metro india news  I new delhi

In a major relief to thousands of stranded homebuyers, the Supreme Court on Thursday upheld an NCLAT order directing state-owned NBCC Limited to take over and complete 16 stalled housing projects of debt-ridden real estate firm Supertech Limited. The top court invoked its extraordinary powers under Article 142 of the Constitution to ensure “complete justice” to homebuyers waiting for possession for nearly two decades.

A bench headed by Chief Justice Surya Kant said protecting the interests of homebuyers was the court’s foremost priority, noting that Supertech had booked nearly 51,000 homes between 2010 and 2012. The court observed that buyers’ hard-earned money had allegedly been diverted and that delivery of fully completed homes must take precedence over claims of financial and operational creditors.

The court restrained all tribunals and high courts from passing any interim orders that could halt construction work undertaken by NBCC. It made clear that creditors would have to accept haircuts as determined by the NCLT and NCLAT, and their dues would be addressed only after homes are delivered with all promised amenities, including water, electricity, sewage, roads and parks.

Upholding the NCLAT’s December 12, 2024 order, the bench said bringing NBCC on record to complete the projects was neither unfair nor contrary to the Insolvency and Bankruptcy Code. NBCC has been directed to complete the projects expeditiously with the support of an expert committee.

The 16 projects, comprising nearly 49,700 homes across Uttar Pradesh, Uttarakhand, Haryana and Karnataka, have been stalled since Supertech entered insolvency proceedings in 2021 following a petition by Union Bank of India.