SC rescues homebuyers of Supertech
New Delhi: Coming to the rescue of thousands of hassled homebuyers waiting for the delivery of their dream homes for almost two decades, the Supreme Court on Thursday upheld an NCLAT order asking the State-owned NBCC to complete 16 housing projects of debt-ridden realty firm Supertech Limited expeditiously.
The court also restrained all the tribunals and high courts from passing any order that may lead to the stalling of the construction work to be completed by the National Buildings Construction Corporation (NBCC) Limited.
A bench of Chief Justice Surya Kant and Justice Joymalya Bagchi used its extra-ordinary power under Article 142 of the Constitution to uphold the December 12, 2024 order of the National Company Law Appellate Tribunal (NCLAT), asking the NBCC to take over the projects in the interest of the homebuyers.
The bench noted that Supertech, according to many homebuyers, had booked around 51,000 houses for delivery during 2010-12. The CJI said the first and foremost consideration for the bench was to “protect the interest of homebuyers to ensure that they are able to secure the homes for which they are waiting for the last two decades” and their hard-earned money has allegedly been siphoned off by the real estate firm.
The CJI made it clear that the interest and dues of the financial and operational creditors of Supertech can be taken care of only after the delivery of fully-furnished houses to the hassled homebuyers.
The bench also made it clear that the houses must contain all the assured facilities like water, electricity, sewage connections, besides roads and parks in the neighbourhood.
It said the financial and operational creditors of Supertech will have to take the hair cut as found just and equitable by the tribunals -- the NCLT and the NCLAT.
“We find that the order passed by the NCLAT on December 12, 2024, in bringing the NBCC on record for the completion of the pending housing projects is neither unfair nor contrary to the provisions of the Insolvency and Bankruptcy Code (IBC),” the bench ordered while taking the recourse of Article 142.
Article 142 grants the Supreme Court plenary power to pass any decree or order necessary for doing “complete justice” in any case.
The bench directed the NBCC to undertake the projects and complete those expeditiously as envisaged by an expert committee set up by the NCLAT.
It also directed the committee to provide support to the NBCC in the completion of the projects.
“With an aim to ensure that no impediment is caused to the completion of the stalled projects, we direct that no tribunals and high courts shall pass any interim directions that may lead to the stopping of the projects undertaken by the NBCC,” the bench said.
Disposing of the pleas, it also allowed the parties to approach the apex court in view of any development that may come in the way of the ongoing projects.
On February 21, 2025, the top court stayed an order appointing the NBCC as the project management consultant to complete the 16 projects of Supertech at a cost of nearly Rs 9,500 crore.
It had said it would examine whether the NCLAT had followed the procedure under the IBC while appointing the NBCC as the project management consultant.
