Supertech Homebuyers: There is a news of relief for the homebuyers of the real estate company Supertech in Delhi NCR who have been waiting for years to take possession of their homes. Public sector construction company NBCC has approached the Supreme Court for permission to complete Supertech’s stalled housing projects. If the Supreme Court gives permission to NBCC to complete these stalled housing projects, then 27000 homebuyers who have booked their homes in Supertech can get relief.
Supertech caught in financial crisis
Supertech is facing a financial crisis due to which the hearing on the action of declaring the company bankrupt under the IBC law is going on since 2021. A total of 17 housing projects of Supertech are stuck which are present in Delhi NCR, Bengaluru and Dehradun but due to the financial crisis the company is not able to complete these projects.
Will NBCC complete 51000 housing units?
According to a PTI news report, homebuyers’ lawyer M L Lahoti informed the bench comprising Justices Sanjiv Khanna and Sanjay Kumar that NBCC has proposed to complete a total of 51,000 residential units on which work is pending. NBCC’s lawyer Gopal Jain told the court that NBCC has submitted an intervention application in the ongoing hearing to declare Supertech bankrupt, in which the company wants to complete Supertech’s stalled housing projects like Amrapali Group.
Hearing on NBCC’s proposal on October 1, 2024
The Supreme Court will consider the NBCC proposal on October 1, 2024. At the same time, NCLT has asked buyers and lenders to give feedback on NBCC’s plan to complete Supertech’s housing projects. NCLAT has asked 27000 homebuyers and other stakeholders to register their objections to NBCC’s proposal.
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