NCLAT Order: This decision taken by the NCLAT will provide relief to thousands of home buyers

NCLAT Order: This decision taken by the NCLAT will provide relief to thousands of home buyers. The NCLAT has asked NBCC to start the process of allotting work for 16 projects before 31 March 2025.

Nclat Order For Supertech Buyers: Big relief news has come for thousands of home buyers of Supertech's 16 residential projects. The responsibility of completing 16 incomplete projects of Supertech has been entrusted to the public sector company NBCC. NBCC will have to start work before April 1 next year and complete it in the next three years. The National Company Law Tribunal (NCLAT) has appointed a project management consultant to supertech Ltd. to complete 16 residential projects worth around Rs 9,500 crore.

The process of allotment of work will have to be started before 31 March

This decision taken by NCLAT will provide relief to thousands of home buyers. The NCLAT has asked NBCC to start the process of allotting work for 16 projects before 31 March 2025. After this, the contract has been instructed to be awarded within a month and construction has started from May 1, 2025. These projects have 49,748 houses in Uttar Pradesh, Uttarakhand, Haryana and Karnataka. Apart from this, the NCLAT has also ordered the formation of an Apex Court Committee and separate committees for each project.

A two-member bench of the

appellate tribunal said in its order that NBCC will also nominate one member in the committees for each project. The National Company Law Appellate Tribunal (NCLAT) said, "After the constitution of the Apex Committee and a separate committee for each project, the IRP shall publish the terms and conditions of functioning of these committees on the website as soon as possible." There will be a right to take.

The

NCLAT said, "There will be a separate account for each project, in which all the money received from the concerned project will be deposited. The account will only be used by the committee/committee related to the project. The accounts will be operated jointly through interim resolution professionals and nominees from NBCC. The tribunal said, "NBCC (I) Ltd. A separate account will be opened in the name of 'Supertech Unfinished Project'. It will be operated by NBCC through the Authorised Guarantees (signatories) with the joint sign of the IRP.

Whatever money is received after the completion of the project, it will be deposited in this account. It will remain under the direction and control of the Apex Committee. Earlier, in a regulatory filing, the company said, "The NCLAT in its order dated December 12, 2024 has appointed NBCC (India) Limited as the project management consultant for the completion of 16 projects of Supertech Limited." Which includes 3 percent casual amount. The consultation fee has been fixed at 8 per cent, including one per cent marketing charge.