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Informist, Monday, Aug. 17, 2026

 

NEW DELHI – The Supreme Court Monday issued notices to Union Bank of India, Supertech Ltd.'s suspended director Ram Kishore Arora, and the company's resolution professional on NBCC (India) Ltd.'s plea seeking waiver from the provisions of the Real Estate (Regulation and Development) Act, 2016. NBCC has sought the exemption for completing 16 projects of Supertech by acting as a project management consultant.

 

NBCC has also sought a waiver from compliance with statutory provisions like building regulations. NBCC is seeking exemptions from various provisions of the 2016 Act in relation to maintenance of a separate account in a scheduled bank and deposit of 70% of the amounts realised from the allottees with respect to the relevant project into the separate account. The petitioner has also sought waivers regarding approvals required from the allottees and the law relating to the requirement of prior consent of allottees for transfer or assignment of majority rights and liabilities of a promoter. 

 

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 chose NBCC for completing 16 of its projects. The order was later upheld by the Supreme Court.

 

In May, the appellate tribunal rejected NBCC's application seeking a waiver from the 2016 Act. The appellate tribunal said it had already granted NBCC's prayer by issuing necessary directions to the statutory authority, which includes the Real Estate Regulatory Authority, to consider and grant necessary approval within a time-bound period, which amply protects the company's interests. It said the appellate tribunal was not competent to grant any exemption from compliance of the 2016 Act. Challenging the appellate tribunal's order, NBCC moved the apex court.

 

Monday, shares of NBCC (India) Ltd. ended at INR 89.75 on the National Stock Exchange, up 0.7% from Friday. Shares of Union Bank of India ended at INR 188.90, up 0.8%.  End

 

Reported by Surya Tripathi

Edited by Himanshi Gupta

 

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