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Informist, Monday, Apr. 20, 2026

 

NEW DELHI – The Supreme Court Monday asked the Delhi bench of the National Company Law Tribunal to decide whether a court-appointed panel was needed to monitor and ensure the completion of all the 30 projects of Supertech Ltd. in view of its interim resolution professional being suspended on allegations of misconduct. The tribunal, which will hear the case on Friday, will see whether the panel should be there for all the projects or only the 16 projects whose responsibility of completion was taken by NBCC (India) Ltd. by acting as a project management consultant.

 

The case has its genesis in the Delhi bench of the National Company Law Tribunal admitting a petition by Union Bank of India to start insolvency proceedings against Supertech. In 2024, the National Company Law Appellate Tribunal had directed project-wise resolution of Supertech's projects and chosen NBCC for completing its 16 projects.

 

NBCC had said the project management consultant fee was fixed at 8% of the tentative construction cost of INR 94.45 billion, which works out to INR 7.56 billion. NBCC was to complete the projects within three years, it had said in an exchange filing. The 8?e included a 1% marketing fee, NBCC had said. The 16 projects would cover 49,748 houses in Uttar Pradesh, Uttarakhand, Haryana, and Karnataka, the company had said.   

 

In February, the Supreme Court had upheld NBCC's move to take over 16 projects of Supertech Ltd. If the interest of homebuyers is the primary consideration, the other competing claims of secured creditors and land authorities, who had opposed NBCC taking over the projects, would have to be considered secondary for the time being, the apex court said.

 

In March, the Insolvency and Bankruptcy Board of India issued a disciplinary order, suspending the registration of Supertech's interim resolution professional Hitesh Goel for a period of two years. The insolvency board found the resolution professional guilty of misconduct by contravening the statutory provisions of the Insolvency and Bankruptcy Code, 2016, and failure to disclose material information in the information memorandum. 

 

Thereafter, an amicus curiae recommended to a Supreme Court bench led by Chief Justice of India Surya Kant that a panel should be formed to monitor and ensure the completion of the projects so that the work of NBCC was done without any hindrance. The top court noted that the issues relating to the remaining projects also ought to be administered within the same court-monitored framework. However, various parties opposed the apex court's suggestion to appoint a panel for all pending projects and suggested the Delhi tribunal should take a call on this, since it was already dealing with the insolvency process of Supertech.

 

At 1249 IST, shares of NBCC (India) Ltd. were up 0.2% at INR 94.46 on the National Stock Exchange, and shares of Union Bank of India were up 1.1% at INR 190.99.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Avishek Dutta

 

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