In a major relief to nearly 50,000 homebuyers, the Supreme Court has upheld the NCLAT order appointing NBCC (India) Ltd. to complete 16 stalled housing projects of bankrupt real estate developer Supertech Ltd.

A bench led by the Chief Justice of India emphasised that the primary objective was to protect homebuyers who had been waiting for possession for years. The Court noted that out of around 50,000 residential units across the projects, only about 21,000 had been handed over, leaving a large number of allottees in prolonged uncertainty.

The Court held that the NCLAT’s decision to bring in NBCC to complete the projects was fair and not contrary to the Insolvency and Bankruptcy Code, particularly in the peculiar facts of the case.

It directed that the projects be completed within the timeline fixed by the apex committee, with NBCC assuring full deployment of resources. The Court also clarified that completion of the housing units would not prejudice the claims of lenders, authorities, or other creditors, whose rights would be decided separately.

Importantly, the Court ordered that no court, including High Courts, shall pass any interim direction that stalls the execution or completion of these projects. Aggrieved parties were granted liberty to approach the Supreme Court directly.