In a significant ruling with far-reaching implications for India’s stressed real estate sector, the Supreme Court of India has upheld the National Company Law Appellate Tribunal’s decision authorising NBCC (India) Limited to complete 16 stalled housing projects of Supertech Limited. The verdict provides final legal certainty to NBCC’s mandate as Project Management Consultant and clears the way for structured, time-bound execution of one of the country’s largest distressed housing portfolios, offering long-awaited relief to nearly 50,000 homebuyers.

The apex court’s affirmation provides final legal certainty to NBCC’s role as Project Management Consultant (PMC) for these projects and establishes a clear, binding framework for their execution and completion. The judgment marks a decisive step toward resolving one of the largest distressed real estate portfolios in the country.

Judicial Backing and Clear Legal Framework

The Hon’ble Supreme Court, after hearing the matter at length, upheld the NCLAT order dated December 12, 2024, approving the Terms of Reference (TOR) submitted by NBCC under Interlocutory Application (IA)-6557/2024. The TOR has the provision of NBCC getting PMC charges of 8% on actual cost of construction.

Hon’ble Supreme Court, further clarified that the order is final and binding, and that no court or forum shall interfere with the implementation of the directions issued for completion of the projects by NBCC. It has also directed that expired statutory approvals shall be renewed within the timelines prescribed by NCLAT, ensuring uninterrupted project execution.

Major Relief for Homebuyers

The verdict is expected to bring long-awaited relief to affected homebuyers, many of whom have been awaiting possession of their homes for over a decade. The judicial endorsement strengthens confidence among stakeholders and paves the way for structured, transparent and time-bound completion of the projects.

Project Details

The 16 Supertech projects entrusted to NBCC are spread across four states:

Uttar Pradesh – 12 projects

Uttarakhand – 1 project

Haryana – 2 projects

Karnataka – 1 project

Together, these projects comprise approximately 50,000 housing units, with an estimated construction cost of ₹9,445 crore, including statutory charges, fees and contingencies. NBCC will execute the projects strictly as PMC, without assuming any financial liability.