SC Proposes Independent Receiver for 16 Stalled Supertech Projects

What the Supreme Court proposed

The Supreme Court has proposed appointing an independent court receiver to oversee the completion of 16 stalled Supertech housing projects. The bench said the existing arrangement had not delivered the expected progress. The receiver would take over oversight of the projects. According to the court's framing, NBCC India Ltd could continue as project management consultant (PMC) or be replaced by another agency, depending on the court's assessment.

The court said it was considering replacing the existing oversight committee with a receiver. It pointed to similar arrangements used in the Amrapali and Unitech cases.

Why the bench questioned NBCC

NBCC was appointed as PMC by the National Company Law Appellate Tribunal (NCLAT) in December 2024. The bench said it had realised that little was happening at NBCC. Senior advocate Menaka Guruswamy, appearing for the homebuyers, told the court that more than Rs 30 crore had been spent on hiring and project management since December 2024, although tenders had not been issued for the projects.

Attorney General R Venkataramani, appearing for NBCC, told the court that a tender had been issued for one project and that tenders for the remaining projects were being processed. Reports of the hearing differ on the tender count. One trade report cited 25 tenders covering construction and related works across the 16-project portfolio. Another report of the hearing said one tender had been issued.

Proposals rejected by the committee

According to the homebuyers' counsel, the committee had rejected a construction firm's proposal to complete the projects. A former Supertech director had also approached the committee with a financier willing to provide funds. That proposal was also rejected, over concerns about high interest rates.

The projects and their locations

The 16 projects are spread across Uttar Pradesh, Haryana, Uttarakhand and Karnataka. By location, six are in Greater Noida, four in Noida, two in Gurugram, two in Meerut, one in Uttarakhand and one in Bengaluru. Named projects in the court record include Sports Village, Hilltown, Romano, Rivercrest, Eco Village phases, Capetown and North Eye.

A priority list for the first phase names Eco-Village-2, Romano, Capetown, Czar Suites, Eco-Village-3, Sports Village and Eco-Citi. A second list names Northeye (Noida), Upcountry (Yamuna Expressway), Eco-Village-1 (Greater Noida), Meerut Sports City and Green Village.

Unit counts differ between reports. One set gives 50,356 units, of which 40,316 were sold and 10,040 unsold. Another report gives 49,748 units and about 27,000 homebuyers waiting for their properties. The hearing itself described nearly 50,000 units and thousands of homebuyers awaiting possession.

Cost estimates

An earlier estimate put construction expenditure at around Rs 9,445 crore. A PSU-focused report put the value of construction tenders at Rs 9,620.33 crore. The tender figure and the earlier estimate are reported separately and should not be read as the same number.

Background: Supertech's insolvency and earlier orders

Supertech Limited is a Noida-based realty firm with projects in Noida, Greater Noida, Ghaziabad, Gurugram, Meerut, Moradabad, Dehradun, Haridwar, Rudrapur and Bengaluru. In March 2022, the Delhi bench of the National Company Law Tribunal admitted a Section 7 petition filed by Union Bank of India over non-payment of dues. Reports at the time put the default at about Rs 431 crore. Hitesh Goyal was appointed Interim Resolution Professional.

On 12 December 2024, the NCLAT directed NBCC to take over the projects, begin work allocation by 31 March 2025 and start construction by 1 May 2025. On 21 February 2025, the Supreme Court stayed that order. A later report dated February 2026 said the Supreme Court had upheld the NCLAT decision to entrust the 16 projects to NBCC.

On 29 April 2025, the Supreme Court directed the CBI to conduct a preliminary inquiry into the nexus between builders and banks in several cities, including projects in Delhi-NCR. Supertech was among the companies named in that inquiry.

What it means for homebuyers and investors

For homebuyers in the 16 projects, the proposal changes who oversees completion but does not, on its own, change construction timelines or possession dates. The receiver is still a proposal, and the court has not decided it. Reports differ on how many homebuyers are waiting. One report cites about 14,000 families, and another cites about 27,000 homebuyers.

The court also indicated that it would not act as the default forum for every stalled project. Petitions from other buyers were to wait for the lead ruling, according to the reporting of the hearing. Buyers in other Supertech projects, or in projects outside this group, should not assume the order covers them.

For investors and lenders, the hearing showed that funding and the choice of agency were still open. Funding arrangements, verification of unsold inventory and a techno-economic viability assessment remain on the implementation list.

What happens next

The bench invited all stakeholders to file their proposals before the next hearing on 16 November 2026. The court will decide on the receiver after that hearing. The implementation schedule had set tenders to be issued in phases between 1 and 15 October 2026. An committee overseeing the work has said construction across the 16 projects is targeted to begin on 16 January 2027.

NBCC and the homebuyers' counsel will both have an opportunity to address the court on the receiver. The Attorney General was also asked to suggest suitable candidates for the role.