Apex Court prioritizes home buyers' interests and mandates NBCC to expedite completion of 16 pending residential projects.
In a landmark judgment dated February 5, 2026, the Supreme Court of India has affirmed the National Company Law Appellate Tribunal's (NCLAT) decision to engage NBCC (India) Ltd. for the completion of 16 incomplete housing projects initiated by M/s. Supertech Limited, a prominent real estate company. The judgment, passed by Chief Justice Surya Kant and Justice Joymalya Bagchi, underscores the Court's commitment to protecting the interests of thousands of home buyers who have been waiting for over two decades to secure their residential units.
The appeals arose following the judgment dated December 12, 2024, by the NCLAT, which directed NBCC to take over the pending projects left unfinished by Supertech Limited due to financial insolvency. The Supreme Court decision highlights the plight of home buyers and their need for immediate resolution, thereby prioritizing their claims over those of other creditors and statutory authorities such as Noida, Greater Noida, and Yamuna Expressway authorities.
The judgment facilitates NBCC's commencement of construction activities by May 1, 2025, ensuring that residential units, along with necessary amenities like sewage, water supply, and electricity, are handed over to allottees. The Supreme Court also constituted an Apex Committee to oversee the completion process and ensure equitable distribution of surplus funds among other stakeholders post-completion.
The decision mandates all statutory authorities to comply with NCLAT's directions within four weeks, further entrusting NBCC with the completion of non-residential projects. The Court clarified that any grievances or modifications required by NBCC regarding terms imposed by NCLAT could be addressed through the appropriate legal channels.
The judgment is a significant step towards addressing the long-standing issue of incomplete housing projects and reflects the judiciary's proactive approach in safeguarding home buyers' interests. The Court's decision brings hope to approximately 51,000 home buyers who have invested in the 16 projects across various locations including Noida, Greater Noida, Gurugram, and Bengaluru.
Bottom Line:
Insolvency and Bankruptcy Code (IBC) - NBCC tasked with completing incomplete housing projects to protect the interests of home buyers, prioritizing their claims over other creditors and authorities.
Statutory provision(s): Insolvency and Bankruptcy Code, 2016, Section 7
Apex Heights Pvt. Ltd. v. Ram Kishor Arora, (SC) : Law Finder Doc id # 2851665
