The NCLAT has ordered a court-appointed committee to submit a status report within two weeks regarding 16 stalled Supertech Limited housing projects. The tribunal has also raised concerns over pending staff salaries. Investors should note that Supertech Limited, which is currently undergoing insolvency proceedings, is a private real estate firm and is not related to the BSE-listed Supertech EV Ltd.
The National Company Law Appellate Tribunal has issued a directive to the court-appointed committee overseeing the insolvency process of Supertech Limited. The tribunal has demanded a detailed status report within two weeks to explain why construction timelines for 16 specific housing projects have not been met. These projects are currently being managed by the state-owned National Buildings Construction Corporation, which was brought in to facilitate completion after the company entered insolvency proceedings in 2021 following a petition by Union Bank of India.
The tribunal’s latest order highlights significant operational and financial friction within the ongoing Corporate Insolvency Resolution Process. During the hearing, the bench led by Justice Yogesh Khanna noted that staff members associated with these projects have not received their salaries for three months. The court has directed the committee to address these arrears as an immediate priority, reflecting the broader administrative hurdles affecting the project delivery timeline.
Legal complexities also persist regarding the governance of the insolvency process. The tribunal is currently reviewing a motion to replace the Interim Resolution Professional, with creditors seeking additional time to formally respond to the proposal. Furthermore, the tribunal has requested architectural plans for specific developments like Supertech Ecociti and Supertech 34 Pavilion, following reports of infrastructure issues such as basement water-logging.
Investors and market observers should be aware that Supertech Limited, the entity involved in these insolvency proceedings, is a private real estate developer and is not a publicly listed company on any stock exchange. There is no connection between this insolvent entity and the BSE-listed company Supertech EV Ltd. Market participants should ensure they do not confuse the two separate companies.
The next step in the legal process is scheduled for September 14, 2026, when the tribunal expects to review the status report and clarify the roadmap for the appointment of a new Interim Resolution Professional. Additionally, the project management consultant, NBCC, has approached the Supreme Court seeking specific regulatory exemptions to help expedite project completion, with a hearing on that matter set for September 24, 2026.