Tribunal flags IRP appointment delay

India's appellate tribunal NCLAT has ordered regulators to suggest names for an interim resolution professional within a week to oversee Supertech's insolvency case.

“Let the said process be completed within a week from today.”

NBCC misses key construction deadlines

State-run builder NBCC has failed to meet multiple deadlines set for resuming work on Supertech's 16 stalled housing projects, including a December 2024 condition that should have been satisfied already.

Six conditions still not met by NBCC

NBCC must complete due diligence, obtain statutory permissions, award contracts, hand over projects, and secure funding. A September status report flagged difficulties but offered no new timelines.

Missing documents blocking progress

NBCC says it hasn't received documents from Supertech's suspended management needed to move forward. The tribunal ordered a list of missing documents be shared with all parties.

Next meeting to set firm timelines

A September 20 meeting between NBCC and the Apex Court Committee is expected to establish concrete dates for completing remaining conditions and starting construction.

Supertech under insolvency since 2021

The realty firm entered Corporate Insolvency Resolution Process in March 2021 after Union Bank of India filed a plea. NCLAT took over 16 projects in December 2024 and handed them to NBCC.

Tribunal sets September 25 hearing date

NCLAT will reconvene on September 25 to review progress on appointing the interim resolution professional and NBCC's compliance with construction conditions.