Supertech Projects: The National Company Law Appellate Tribunal (NCLAT) has appointed public sector company NBCC as project management advisor to complete 16 housing projects of Supertech worth about Rs 9500 crore. This step will provide relief to thousands of homebuyers of Supertech. NCLAT has asked NBCC to start the process of allotting work for 16 projects before March 31, 2025. After that, instructions have been given to award the contract within a month and start construction from May 1, 2025.
There are 49,748 houses in 4 states including Uttar Pradesh, Uttarakhand.
There are a total of 49,748 houses under these projects in Uttar Pradesh, Uttarakhand, Haryana and Karnataka. NCLAT said, “Separate accounts will have to be maintained for all projects in which all receipts from that project will be deposited. Money can be withdrawn from the account only with the approval of the project committee. These accounts will be jointly operated by the Interim Resolution Professional and the nominee made by NBCC.
NBCC also gave information to the stock market
NCLAT said, “A separate account will be opened in the name of NBCC ‘Supertech Unfinished Project’. NBCC will operate it through authorized signature with joint signature of IRP. Whatever money will be received after the completion of the project, it will be deposited in this account, which will be under the direction and control of the top committee. Earlier, in a communication to the stock market on Thursday, NBCC said, “The National Company Law Appellate Tribunal, in its order dated December 12, 2024, has appointed Project Management Advisor to NBCC to complete 16 projects of Supertech Limited.” ”
Supertech projects will be completed in 3 years
NBCC said, “The estimated construction cost of the project is around Rs 9445 crore, which includes 3 percent contingency amount. The consultation fee has been fixed at 8 per cent, which includes 1 per cent marketing fee.” The company said in a separate notice that it has been appointed as a consultant ‘without any liability’ and it will become Supertech within 3 years. Will complete the projects.
