The National Company Law Appellate Tribunal (NCLAT) has raised concerns over delays in appointing an interim resolution professional (IRP) for Supertech Ltd, currently undergoing Corporate Insolvency Resolution Process (CIRP). According to reports from Rediff Moneynews, a three-member bench directed the National Company Law Tribunal (NCLT) and Insolvency and Bankruptcy Board of India (IBBI) to suggest names within a week. The IRP, once appointed, will be required to head the Apex Court Committee overseeing the stalled Supertech projects and chair the Project-Wise Court Committee. As per Rediff Moneynews, the tribunal noted that an application for appointment of the IRP has been dealt with by the NCLT, and IBBI is directed to suggest the names within a week from today.
The NCLAT noted significant 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. As reported by Rediff Moneynews, the order dated June 6, 2026, established certain timelines including Condition-I being satisfied on December 12, 2024, and Conditions II, III, V and VI to be complied with on or before July 31, 2026. NBCC was required to process the award of work as per Condition-IV prior to July 31, 2026, and complete the contract within one month, with construction to commence from October 1, 2026. According to Rediff Moneynews, 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.
A status report filed by the Apex Court Committee on September 10 flagged difficulties faced by NBCC in fulfilling the conditions, but did not offer fresh timelines for compliance. According to Rediff Moneynews, the report noted difficulties in completion of Conditions II, III, IV, V and VI which include 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 indicated that a meeting scheduled for September 20 would fix firm timelines for compliance and commencement of construction. As per Rediff Moneynews, the NCLAT has 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, but 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.
The NCLAT had constituted an Apex Court Committee on December 12, 2024, directing NBCC to take over and complete Supertech's 16 stalled housing projects. As reported by Rediff Moneynews, 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. The tribunal also noted that certain documents sought by NBCC from erstwhile suspended Supertech management have not been furnished, directing 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. According to Rediff Moneynews, the tribunal also took note of submissions regarding certain documents sought by NBCC from erstwhile suspended Supertech management that have not been furnished, directing that a list of such documents be placed before it and shared with counsel for the suspended management. The next hearing will address the ongoing challenges in meeting the prescribed timelines for project completion and construction resumption.
