Supertech homebuyers may get big relief?
Supertech homebuyers may get big relief…?
There is news of relief for the homebuyers of real estate company Supertech in delhi NCR who have been waiting for possession of the house for years. Public sector construction company NBCC has approached the supreme court for approval to complete Supertech's stalled housing projects. If the supreme court gives permission to NBCC to complete these stalled housing projects, then 27000 homebuyers who have booked their home in Supertech can get relief.
Supertech stuck in financial crisis
Supertech is facing financial crisis due to which the hearing on the action of declaring the company bankrupt under IBC law is going on since 2021. A total of 17 housing projects of Supertech are stuck which are present in delhi NCR, Bengaluru and dehradun but due to financial crisis the company is not able to complete these projects.
Will NBCC complete 51000 housing units?
According to PTI news report, homebuyers' lawyer ML Lahoti has informed the bench of Justices Sanjiv Khanna and Sanjay Kumar that NBCC has proposed to complete a total of 51,000 residential units on which work is stuck. NBCC lawyer Gopal Jain told the court that NBCC has submitted an intervention application in the ongoing hearing to declare Supertech bankrupt, in which the company wants to complete Supertech's stalled housing projects like amrapali Group.
Hearing on NBCC's proposal on october 1, 2024
The supreme court will consider NBCC's proposal on october 1, 2024. At the same time, NCLT has asked buyers and lenders to give feedback on NBCC's plan to complete Supertech's housing projects. NCLAT has asked 27000 homebuyers and other stakeholders to give their feedback.