NBCC moves SC to complete stalled projects of realty major Supertech Ltd

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The story "NBCC moves SC to complete stalled projects of realty major Supertech Ltd" was covered 5 days ago by Business Standard, a news publisher based in India.

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NBCC moves SC to complete stalled projects of realty major Supertech Ltd - Business Standard

Quick Summary:

The state-owned NBCC on Tuesday moved the Supreme Court seeking to develop and complete embattled realty major Supertech Limited's 17 stalled or partially built projects where around 27,000 hassled home buyers are stuck for years.

These 17 projects were launched in the National Capital Region, Dehradun and Bengaluru but completion of the residential units was hit due to financial crisis faced by the realty major which led to insolvency proceedings since 2021.

A bench of Justices Sanjiv Khanna and Sanjay Kumar was told by advocate ML Lahoty, appearing for the hassled home buyers, that the National Buildings Construction Corporation Ltd (NBCC) has come forward with a proposal to complete these stalled projects having around 51,000 residential units.