Supertech insolvency: NCLAT raises concern over delay in appointing IRP, slippage on deadline

Appellate Insolvency Tribunal NCLAT has raised concerns over construction major NBCC’s delay in meeting deadlines set for resumption of work at Supertech Ltd.’s stalled housing projects.

Besides, a three-member bench has also pulled up the authorities over the delay in appointing an interim resolution professional (IRP) for the realty firm, which is currently going through the Corporate Insolvency Resolution Process (CIRP).

The National Company Law Appellate Tribunal (NCLAT) has directed NCLT and the Insolvency and Bankruptcy Board of India (IBBI) to suggest names within a week.

“We have been informed that an application for appointment of the IRP has been dealt with by the NCLT, and IBBI is directed to suggest the names. Let the said process be completed within a week from today,” the NCLAT said on Friday.

The IRP, once named, is also required to head the Apex Court Committee overseeing the stalled Supertech projects and chair the Project-Wise Court Committee, the appellate tribunal noted.

The NCLAT, in its 5-page interim order, also noted slippages by state-run construction major NBCC in meeting deadlines set out in its earlier order dated May 6, 2026, for resumption of construction work at Supertech’s projects.

“...the order dated June 6, 2026, certain timelines were given to the NBCC for start of the project, viz. Condition-I being satisfied on December 12, 2024, itself and Conditions - II, III, V and VI were to be complied with on or before July 31, 2026,” it said.

NBCC was also required to process the award of work as per Condition-IV prior to July 31, 2026, and complete the contract within one month, and then the construction was to commence from October 1, 2026, the NCLAT noted in its order.

A status report filed by the Apex Court Committee on September 10 flagged difficulties faced by NBCC in fulfilling these conditions, but did not offer fresh timelines for compliance, the tribunal observed.

“We have also gone through the Status Report dated September 10, 2026, filed by the Apex Court Committee, which notes the difficulties being faced by the NBCC in completion of Conditions II, III, IV, V and VI,” the appellate tribunal said, adding that it “does not state the prospective dates of the completion of Conditions aforesaid as mentioned in Paragraph 85(1) of the order dated May 6, 2026”.

Conditions II, III, IV, V and VI are completion of due diligence of projects, obtaining requisite permission from statutory bodies, award of work, handover of possession of projects to NBCC and making funds available, respectively. 

Counsel appearing for the Apex Court Committee told the bench that a meeting scheduled for September 20, to be attended by NBCC representatives, would fix firm timelines for compliance and for commencement of construction.

The tribunal also took note of submissions that certain documents sought by NBCC from erstwhile suspended Supertech management have not been furnished, and directed that a list of such documents be placed before it and shared with counsel for the suspended management.

The NCLAT has directed that the matter be listed on September 25 for further hearing.

On December 12, 2024, the NCLAT constituted an Apex Court Committee and directed state-run NBCC to take over and complete Supertech’s 16 stalled housing projects. It had also directed the project-wise committees to oversee the process, with separate accounts to be maintained.

Supertech is under the rigours of the CIRP, initiated by the National Company Law Tribunal (NCLT) over the plea of its lead lender, Union Bank of India, on March 20, 2021.