Noida: During the hearing of the National Company Law Tribunal (NCLT) in the insolvency process case of Supertech Limited, the country’s leading building construction company, many important decisions and discussions took place for home buyers and other stakeholders. The Insolvency Resolution Professional (IRP) recommended the inclusion of the National Building Construction Corporation (NBCC) to complete all the incomplete projects of Supertech Limited.
Home buyers will not have to pay extra
During the hearing, the Insolvency Resolution Professional said that a detailed status report would be prepared, which would have a complete plan for all stakeholders. NCLAT clearly stated that no additional payment of any kind would be taken from home buyers. The required funds due to an increase in construction cost or other reasons will be raised from unsold inventory. It is expected that this will provide relief to the buyers.
Home buyers will be paid interest
According to media reports, the advocate of IRP listed the objections of all stakeholders, including issues related to initial funds, timelines, construction quality, compliance, and payments to financial creditors. All these issues were discussed and analyzed in detail. NCLT said that home buyers will be paid interest on delayed payments. Although this decision may increase financial pressure, it is a relief for home buyers.
NBCC will discuss the plan
During the hearing, NBCC will present its arguments on the initial fund of Rs 100 crore, timelines and process flow. CPWD (Central Public Works Department) norms will be followed in the construction work. This will ensure that there is no compromise on the quality of the houses. A supra committee will be formed for the entire project, which will monitor all the projects. Along with this, project-specific committees will also be formed for each project.
Buyers will get representation in the committees
Home buyers will also be represented in these committees so that their concerns and suggestions can be heard directly. After the hearing, it appears that the bench is preparing to give a decision in favour of NBCC. The widespread support and coordinated efforts of home buyers have played an important role in this direction.