The Supreme Court on Monday asked the National Company Law Tribunal (NCLT) to decide expeditiously whether the court-appointed committee is necessary to oversee and ensure timely completion of all 30 Supertech projects. The requirement for the court-monitored framework came up in view of the suspension of the real estate firm’s interim resolution professional over allegations of misconduct.
Taking note of the apprehension of homebuyers regarding the completion of the stalled projects, which are still in limbo and are being handled by the debt-ridden firm unlike 16 other projects that were earlier handed over to state-run NBCC (India), a bench led by chief justice Surya Kant asked the tribunal to ascertain whether the panel should be there for all the projects or only those 16 projects which have been taken up by the public sector undertaking. The tribunal will hear the case on Friday.
On February 5, the top court had upheld the National Company Law Appellate Tribunal order asking NBCC to complete 16 housing projects of Supertech.
Source: Economic Times