Supertech Insolvency Case: NCLAT Flags Delays as NBCC Misses Key Deadlines for Stalled Housing Projects

New Delhi, September 20, 2026: The long-running insolvency proceedings involving real estate developer Supertech Ltd have come under renewed scrutiny, with the National Company Law Appellate Tribunal (NCLAT) raising concerns over delays in restarting construction at several stalled housing projects.

The appellate tribunal has particularly taken note of delays by state-owned construction company NBCC, which was tasked with taking forward construction work at Supertech’s unfinished housing projects. The tribunal also expressed concern over the delay in appointing an Interim Resolution Professional (IRP), an important role in the ongoing Corporate Insolvency Resolution Process (CIRP).

A three-member NCLAT bench directed the National Company Law Tribunal (NCLT) and the Insolvency and Bankruptcy Board of India (IBBI) to move forward with the process of suggesting names for the IRP. The tribunal said the process should be completed within a week.

Delay in appointing IRP raises concern

The appointment of an IRP is significant because the individual will have responsibilities connected with the management and resolution process of Supertech.

According to the tribunal’s interim order, once appointed, the IRP will also be required to head the Apex Court Committee overseeing the stalled Supertech projects and chair the Project-Wise Court Committee.

The NCLAT has therefore sought to speed up the appointment process, with the matter scheduled for further hearing on September 25.

NBCC faces deadline slippages

The tribunal also examined the progress of work assigned to NBCC for Supertech’s stalled projects.

In an earlier order, several conditions and timelines had been laid down before construction could resume. According to the NCLAT, one of the conditions had already been fulfilled in December 2024, while several other requirements were supposed to be completed by July 31, 2026.

NBCC was also expected to complete the process of awarding construction work within the prescribed timeline. The plan envisaged the contracts being completed within one month, with construction scheduled to begin from October 1, 2026.

However, a status report submitted by the Apex Court Committee on September 10 highlighted difficulties faced by NBCC in completing several of the required conditions.

The tribunal noted that the report discussed the challenges but did not provide specific future dates for completing the pending requirements.

What are the pending conditions?

The pending requirements cover several important steps needed before construction can fully resume.

These include:

• Completion of due diligence of the affected projects
• Obtaining necessary approvals and permissions from statutory authorities
• Awarding construction work
• Handover of project possession to NBCC
• Making the required funds available

These steps are important because restarting large housing projects requires coordination between the construction agency, authorities, project committees, lenders and other stakeholders.

Meeting planned to set fresh timelines

During the hearing, the counsel representing the Apex Court Committee informed the tribunal that a meeting involving NBCC representatives was scheduled for September 20.

The meeting was expected to address the pending conditions and establish firm timelines for completing the necessary formalities and beginning construction work.

The NCLAT took note of the submission and also examined issues surrounding documentation required by NBCC.

According to submissions before the tribunal, some documents requested from the erstwhile suspended management of Supertech had not yet been provided. The tribunal directed that a list of the outstanding documents be prepared and shared with the lawyers representing the suspended management.

Supertech’s stalled projects remain under focus

The developments are significant for homebuyers connected with Supertech’s stalled projects, many of whom have been waiting for construction to resume and their homes to be completed.

The NCLAT had earlier constituted an Apex Court Committee on December 12, 2024, and directed NBCC to take over and complete 16 stalled Supertech housing projects.

Project-wise committees were also put in place to monitor progress, while separate accounts were directed to be maintained for the projects.

The objective of the arrangement was to create a structured mechanism through which construction could restart and the unfinished housing projects could move towards completion.

Supertech insolvency proceedings began in 2021

Supertech has been undergoing the Corporate Insolvency Resolution Process since March 20, 2021.

The insolvency proceedings were initiated by the National Company Law Tribunal following a petition filed by Supertech’s lead lender, Union Bank of India.

Since then, the stalled projects have remained the subject of proceedings before insolvency authorities and courts, with the interests of homebuyers, lenders and other stakeholders involved in the resolution process.

The latest NCLAT proceedings show that while a framework has been established for restarting construction, several administrative, financial and procedural requirements still need to be addressed.

What happens next?

The immediate focus is now on the appointment of the IRP and the establishment of firm timelines for completing the pending conditions required for construction.

The NCLAT has directed that the case be listed again on September 25, 2026.

For Supertech homebuyers, the progress of these proceedings remains closely watched, particularly because the completion of stalled projects depends on multiple steps being completed in sequence.

The tribunal’s latest observations underline the importance of meeting the timelines already laid down and ensuring that unresolved issues — including documentation, approvals, project due diligence, funding and work awards — do not further delay the construction process.

With NBCC, the project committees, insolvency authorities and other stakeholders involved, the coming weeks are expected to be important in determining how quickly the stalled projects can move towards actual construction and eventual completion.

News source: Information for this article was gathered from a variety of reliable news outlets.