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The National Company Law Appellate Tribunal (NCLAT) has directed the appointment of a new Interim Resolution Professional (IRP) within a week to oversee 16 stalled Supertech real-estate projects. The move follows the suspension of Supertech’s previous IRP by the Insolvency and Bankruptcy Board of India (IBBI).
The new IRP will play an important role in coordinating the resolution process for the projects and will also head the committee overseeing their completion. NCLAT has raised concerns over delays in the revival process and sought clearer timelines for construction-related activities.
According to the report, NBCC was expected to complete several key steps, including obtaining statutory approvals, awarding construction contracts, handing over projects and arranging funds. However, a September 10 status report highlighted difficulties without providing fresh completion dates.
The 16 projects entered the resolution process following Supertech’s insolvency proceedings. NCLAT had earlier appointed NBCC to complete the stalled projects, an arrangement subsequently upheld by the Supreme Court.
Together, the 16 projects involve 49,748 homes, with nearly 14,000 flats still awaiting delivery. The tribunal is scheduled to hear the matter again on September 25, making the appointment of the new IRP an important development for affected homebuyers.
News Source: Times of India
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