Noida: There is big and important news for Supertech flat buyers. Supertech has told the National Company Law Appellate Tribunal (NCLAT) that the reason for not being able to complete the projects which are incomplete right now is lack of money, but the National Building Construction Company (NBCC) has told in its proposal that Supertech is not able to complete the project due to technical problems, which is completely wrong.
12 projects have been completed
Till now Supertech has completed 12 projects, in which 80000 home buyers have got their home, where till date there has been no problem or complaint related to construction. The remaining projects will also be completed soon. RK Arora, Company Chairman says, “The proposal given by NBCC will take at least 6 to 12 months to start.”
Home buyers of Phase 2 and Phase 3 will have to wait a long time
Work on all the projects will not be able to start simultaneously, due to which home buyers of Phase 2 and Phase 3 may have to wait a little longer. NBCC has not set any period for depositing the dues of the Land Authority and the bank. NBCC is not taking any responsibility for completing the project. This proposal of NBCC is similar to the one it gave in the Amrapali project, which could not be successful.
It will have an impact on the stake holders
The construction cost in the proposal of NBCC is very high. Supertech has given an estimated amount of about 5192 crores to complete the entire project. On the other hand, NBCC has given an estimated amount of 9478 crores for construction, which becomes 10378 crores after adding GST. This amount is almost double as compared to the Supertech proposal, it will have a direct impact on the stakeholders.
The hearing was held on September 19
The hearing of this case was held on 19 September in the National Company Law Appellate Tribunal (NCLAT) between Supertech Company and National Building Construction Company (NBCC). In which NBCC had proposed to complete Supertech’s projects. In this case, stakeholders such as banks, authorities and home buyers opposed the proposal of NBCC.
Permission granted to complete Doon Square
Given this, NCLAT had asked all stakeholders to file a written reply opposing the proposal of NBCC. The IRP will take the response of all stakeholders in this matter and present it in the next hearing of NCLAT. Along with this, NCLAT has permitted to Supertech to complete Doon Square on 25 September.
The Doon Square project also received the consent of the Bank of Baroda and home buyers, which was accepted by NCLAT. On this matter, Supertech Chairman RK Arora said that NCLAT’s order to allow the completion of Doon Square indicates that most home buyers are with Supertech. He further said that the authorities, banks and most home buyers have opposed NBCC’s proposal, which the IRP is taking in writing and will submit to NCLAT. There are many reasons why all stakeholders are sceptical about NBCC’s proposal.
