Work at 16 stalled Supertech projects to begin from January 2027: SC panel

NOIDA: A Supreme Court-appointed committee has informed the National Company Law Appellate Tribunal (NCLAT) that construction work on 16 stalled Supertech projects will commence from January 16, 2027, with tenders for the work to be issued in phases from October 1 to 15 this year

NOIDA: A Supreme Court-appointed committee has informed the National Company Law Appellate Tribunal (NCLAT) that construction work on 16 stalled Supertech projects will commence from January 16, 2027, with tenders for the work to be issued in phases from October 1 to 15 this year.

In its September 24 affidavit, the committee said NBCC was finalising tender documents for the 16 projects and proposed to issue 27 or more separate sub-tender packages. (Sunil Ghosh/HT Photo)

National Buildings Construction Corporation (NBCC), the project management consultant (PMC), and the Apex Court Committee (ACC) are working on an implementation schedule to meet the revised construction commencement date, the committee said in an affidavit filed before NCLAT and accessed by HT.

NBCC officials did not respond to HT’s calls, messages and emails seeking comment.

On August 25, NCLAT had sought a status report from NBCC and directed the ACC to file a report detailing the steps taken so far.

In its September 24 affidavit, the committee said NBCC was finalising tender documents for the 16 projects and proposed to issue 27 or more separate sub-tender packages.

NBCC has already floated a tender for the Supertech River Crest project in Rudrapur on September 16, according to NBCC officials who requested anonymity.

The committee said it would ensure that the requisite project sites were available for the “peaceful and unhindered commencement” of construction.

To be sure, the panel stressed that funding remained a key challenge in reviving the stalled projects. The committee said it would continue to pursue interim finance while simultaneously mobilising resources through alternative funding mechanisms, including institutional funding from public sector banks and financial institutions.

The committee said it has received financing proposals from two investment and capital firms, but said these were not found viable because of the interest rates offered. It consequently approached public sector banks for funding on more viable terms.

The banks sought a techno-economic viability (TEV) report on the 16 projects as a preliminary requirement for assessing the proposed funding. The committee has commissioned the report, which is expected to be completed by December 15, 2026.

The sale of unsold inventory has also been identified as an important source of funds for completing construction. The committee has asked a major global accounting and professional services firm to verify the inventory earlier reported as unsold and recorded in an NCLAT order dated December 12, 2024.

According to the order, the 16 projects had 50,356 units, of which 40,316 had been sold and 10,040 remained unsold.

In February 2026, the Supreme Court approved NBCC’s takeover of 16 Supertech projects. In separate proceedings, the court had constituted the ACC to examine whether all 30 Supertech projects across the country should be taken over by NBCC. The issue remains under consideration before NCLAT.

The 16 projects are located in Uttar Pradesh, Uttarakhand and Bengaluru. They include four Noida projects — Capetown, Romano, Eco-citi and Northeye — and five in Greater Noida — Eco-Village 1, 2 and 3, Sports Village and Czar Suites. Other projects are located along the Yamuna Expressway and in Gurugram, Meerut, Rudrapur, Bengaluru and Dehradun.