Stories
NCLAT Demands Project Wise Timelines For 16 Stalled Supertech Projects
- •The insolvency appellate tribunal NCLAT has requested separate completion timelines for 16 delayed Supertech housing projects being handled by NBCC.
- •A Supreme Court panel filed an affidavit proposing fresh completion timelines ranging between 12 and 36 months.
- •The NCLAT bench directed the committee to file a detailed report on tentative completion dates and available finances for each project before the next hearing on November 6.
- •Due diligence, audits, and statutory approvals are scheduled to be completed by January 2027 before construction fully commences.
- •To address funding challenges, tender packages include a clause allowing contractors to self-finance works for the first six months with nominal interest.
Key Questions Answered
The NCLAT has asked the apex court committee to file a report detailing tentative completion dates for each of the 16 stalled Supertech projects by the next hearing on November 6, 2026, after an affidavit proposed completion windows between 12 and 36 months without specific dates.
According to the affidavit, due diligence and audits necessary for construction are proposed to be completed on or before January 15, 2027, statutory approvals will be obtained before construction starts from January 16, 2027, and the process for awarding works is expected to finish by December 31, 2026.
Resources for commencement will be mobilized through alternate sources, with interim finance raising expected until March 2027. Public sector bank funding may also take until March 2027 pending a techno-economic viability report expected by December 15, 2026, alongside a parallel mechanism allowing contractors to self-finance for an initial six months.
