The National Company Law Appellate Tribunal has ordered a status update on 16 stalled Supertech housing projects managed by NBCC within two weeks, following complaints of delays and unpaid salaries. NBCC is also seeking Supreme Court relief from certain regulatory norms to speed up work. Investors should note that the insolvent Supertech Limited is a separate entity from the listed Supertech EV Ltd.
The National Company Law Appellate Tribunal (NCLAT) has issued a directive requiring a comprehensive status report on 16 stalled Supertech housing projects currently being managed by the state-owned National Buildings Construction Corporation (NBCC). The tribunal has given the oversight committee a two-week window to explain why agreed-upon construction and work timelines have not been met.
The tribunal’s intervention follows persistent complaints from homebuyers who reported that promised deadlines for starting construction work have been missed. During the hearing, the court also addressed operational issues, noting that employees at these project sites have faced delays in receiving salaries for three months. Furthermore, the bench raised concerns about structural maintenance, specifically citing water-logging issues at the Supertech Ecociti and Supertech 34 Pavilion developments, and demanded the submission of original architectural plans to facilitate necessary repairs.
While the insolvency process for Supertech Limited continues under judicial oversight, NBCC has been navigating significant regulatory hurdles in its attempt to complete these stalled projects. NBCC has approached the Supreme Court seeking exemptions from specific real estate regulatory requirements, such as the mandate to maintain separate project bank accounts and transfer 70% of collections into them. The state-run construction company argues that these rigid compliance requirements are creating liquidity constraints that hinder its ability to fund and complete the construction work. The Supreme Court is scheduled to hear this plea for exemptions on September 24, 2026.
It is important for market participants and investors to distinguish between the entities involved. The Supertech Limited undergoing the insolvency process is an unlisted, private entity. It is not the same as Supertech EV Ltd, which is a listed company on the stock exchange. The financial and operational troubles facing the insolvent Supertech Limited do not reflect the business standing of the unrelated listed entity.
The NCLAT has scheduled the next hearing for September 14, 2026. The tribunal is expected to use this session to verify whether the Apex Court Committee has successfully addressed the pending salary issues and provided the required clarifications on project progress. Investors watching the sector may monitor these upcoming court proceedings to understand the timeline for resolution and the potential for regulatory relief regarding RERA norms.