Will NBCC Take Over Supertech's Projects?

NBCC is a state owned construction company that has shown interest regarding the acquisition of all the pending projects of real estate developer Supertech. 

Interim Resolution Professional (IRP) during the insolvency proceedings of one of the supertech Group’s companies, had approached NBCC.NBCC has made it clear to IRP and Union Bank Of India that it will take over the project provided it is given complete access to the project and all the datas related to them.

As per National Company Law Appellate Tribunal order on July 8, the attorney general Venkat Ramani has said that he has received the instruction that NBCC is interested in developing all the projects pending by Supertech Developer which is subject to due diligence and should make sure that lenders of supertech is not averse to the decision.

The National Company Law Appellate Tribunal (NCLAT) has initiated the Corporate Insolvency Resolution Process (CIRP) against Supertech Ltd following a petition by the Union Bank of India for the company's failure to repay approximately 432 crore in dues. 

In response to the insolvency proceedings, the Interim Resolution Professional (IRP) contacted NBCC (National Buildings Construction Corporation) regarding Supertech's Eco Village-II project. 

NBCC has expressed interest in taking over all of Supertech’s projects but is seeking detailed information about them. The IRP has assured that such details will be provided to lenders upon request.

RK Arora, Chairman of Supertech, has stated that the company has not yet received a proposal from NBCC. He emphasised that once the proposal is received, Supertech will review it and make a decision accordingly. 

This situation mirrors another instance where NBCC is managing the completion of over 20 stalled projects for the Amrapali group, delivering more than 41,000 sold and 5,000 unsold units.

Supertech's financial situation reveals total liabilities of around 8,000 crore, while the expected revenue from ongoing and future projects exceeds 14,000 crore, indicating a positive net worth. 

The company has also submitted a revival proposal to the Uttar Pradesh government, requesting 5,000 crore from lenders to complete its stalled projects.The proposal includes 2,670 crore owed to the land authority, with a significant portion being interest, and 830 crore in bank dues.