Landmark judgment reinforces legal certainty, brings major relief to homebuyers
Strengthens NBCC’s role in resolving distressed real estate assets
By NSB.News
In a landmark development for India’s real estate and infrastructure sector, the Hon’ble Supreme Court of India has upheld the decision of the National Company Law Appellate Tribunal (NCLAT), authorising NBCC (India) Limited, a Navratna Public Sector Undertaking, to complete 16 stalled housing projects of Supertech Limited.
The apex court’s affirmation provides final legal certainty to NBCC’s role as the Project Management Consultant (PMC) for these projects and establishes a clear, binding framework for their execution and completion. The judgment marks a decisive step towards resolving one of the largest distressed real estate portfolios in the country.
Judicial Backing and Clear Legal Framework
After an extensive hearing, the Hon’ble Supreme Court upheld the NCLAT order dated December 12, 2024, which approved the Terms of Reference (TOR) submitted by NBCC under Interlocutory Application (IA)-6557/2024. As per the approved TOR, NBCC is entitled to PMC charges of 8 percent on the actual cost of construction.
The Hon’ble Supreme Court further clarified that the order is final and binding, and that no court or forum shall interfere with the implementation of the directions issued for completion of the projects by NBCC. It also directed that expired statutory approvals be renewed within the timelines prescribed by NCLAT, ensuring uninterrupted execution of the projects.
Major Relief for Homebuyers
The verdict is expected to bring long-awaited relief to thousands of affected homebuyers, many of whom have been awaiting possession of their homes for over a decade. The judicial endorsement significantly strengthens stakeholder confidence and paves the way for a structured, transparent and time-bound completion of the projects.
Project Details
The 16 Supertech projects entrusted to NBCC are spread across four states:
- Uttar Pradesh – 12 projects
- Uttarakhand – 1 project
- Haryana – 2 projects
- Karnataka – 1 project
Collectively, these projects comprise approximately 50,000 housing units, with an estimated construction cost of ₹9,445 crore, inclusive of statutory charges, fees and contingencies. NBCC will execute the projects strictly in the capacity of PMC, without assuming any financial liability.
NBCC’s Proven Track Record
NBCC (India) Limited has established itself as a trusted executor of complex and distressed real estate projects. A prominent example is its role in completing projects of the erstwhile Amrapali Group, where NBCC was entrusted with execution by the Hon’ble Supreme Court of India.
To date, NBCC has completed over 30,000 housing units under the Amrapali projects, underscoring its strong project management capabilities, disciplined execution and effective stakeholder coordination.
Commitment to National Priorities
Through its continued involvement in resolving stalled housing projects, NBCC remains committed to supporting key government initiatives such as Housing for All, restoring homebuyer confidence, and contributing to the broader vision of Developed India @ 2047, as envisioned by the Hon’ble Prime Minister of India.
NBCC will finalise its execution roadmap upon the uploading of the detailed order and proceed strictly in accordance with judicial directions, ensuring quality, sustainability and timely delivery.