Coming to the rescue of thousands of homebuyers waiting for almost two decades for the delivery of their dream homes, the Supreme Court on Thursday upheld an order of the National Company Law Appellate Tribunal (NCLAT) asking the State-owned National Buildings Construction Corporation (NBCC) to complete 16 housing projects of debt-ridden realty firm Supertech Limited expeditiously. The court also restrained all the tribunals and high courts from passing any order that may lead to the stalling of the construction work.
A bench of Chief Justice of India Surya Kant and Justice Joymalya Bagchi used its extra-ordinary power under Article 142 of the Constitution to uphold the December 12, 2024 order of the NCLAT, asking the NBCC to take over the projects in the interest of the homebuyers.
The CJI said the first and foremost consideration for the bench was to “protect the interest of homebuyers to ensure that they are able to secure the homes for which they are waiting for the last two decades” and their hard-earned money has allegedly been siphoned off by the real estate firm.
The CJI made it clear that the interest and dues of the financial and operational creditors of Supertech can be taken care of only after the delivery of fully-furnished houses to the hassled homebuyers.
The bench also made it clear that the houses must contain all the assured facilities like water, electricity, sewage connections, besides roads and parks in the neighbourhood.
It said the financial and operational creditors of Supertech will have to take the hair cut as found just and equitable by the tribunals — the NCLT and the NCLAT.Disposing of the pleas, it also allowed the parties to approach the SC in view of any development that may come in the way of the ongoing projects.
