The National Company Law Appellate Tribunal (NCLAT) has appointed NBCC (India) Ltd. as the Project Management Consultant (PMC) for 16 Supertech Ltd. real estate projects. This appointment will facilitate the completion of 49,748 homes across Uttar Pradesh, Uttarakhand, Haryana, and Karnataka at an estimated cost of ₹9,500 crore.
NBCC’s vital role in Supertech projects
NBCC will now take responsibility for overseeing the construction of Supertech’s stalled projects. The company will manage the entire process, from awarding contracts to ensuring the timely execution of construction activities. With this responsibility, NBCC aims to complete the projects within the next three years.
NCLAT sets clear guidelines for project execution
The NCLAT has outlined a strict schedule for NBCC to follow. The tribunal has ordered NBCC to start awarding contracts by March 31, 2025. Construction must begin by May 1, 2025. Furthermore, the tribunal requires the formation of project-specific committees. These committees will work closely with NBCC to ensure financial transparency and adherence to project timelines.
Financial oversight and project monitoring
NBCC will set up a dedicated project account to manage the funds. The account will be monitored by both NBCC and the IRP (Interim Resolution Professional), ensuring that all financial transactions are transparent and managed effectively. Additionally, NCLAT has instructed the authorities to grant all necessary building permits within 30 days of receiving applications.
NBCC’s proven experience in project management
NBCC has a solid track record in handling stalled real estate projects. Previously, it managed several projects from the Amrapali Group under Supreme Court orders. With its vast experience, NBCC is expected to deliver these Supertech projects efficiently and within the stipulated time frame, benefiting both homebuyers and developers.
