Supreme Court stays NCLAT order handing over 16 Supertech projects to NBCC

Staying the December 12 NCLAT order, a bench headed by Chief Justice of India (CJI) Sanjiv Khanna said, “The primary issue to be examined is whether NCLAT was right in awarding the work of construction to NBCC India Limited without following the procedure under the Insolvency and Bankruptcy Code (IBC), 2016.”

The court directed all stakeholders, including corporate guarantors, Supertech promoter RK Arora, and the Yamuna Expressway Industrial Development Authority (Yeida), to submit alternative proposals by March 21 and scheduled a hearing in the first week of April.

The bench, also comprising justices PV Sanjay Kumar and KV Viswanathan said, “We also give liberty to parties to file written note indicating proposal how to deal with the issue of construction of flats or buildings as an alternative to what is mandated by the NCLAT judgment.”