The National Company Law Tribunal (NCLT) has directed the interim resolution professional (IRP) to respond to applications from over 26,000 homebuyers of Supertech Ltd. Authorized Representatives, representing 26,500 buyers from eleven projects, submitted a 'Common IA' to protect their rights. They support NBCC's takeover, provided the plan is favorable to them. Key demands include a forensic audit of Supertech, removal of its management, and no price increases for existing buyers. The court has invited feedback from stakeholders, while support for NBCC grows among homebuyers.
The National Company Law Tribunal (NCLT) has instructed the interim resolution professional (IRP) to address the applications submitted by representatives of more than 26,000 homebuyers of Supertech Ltd. Authorized Representatives (ARs), appointed by the NCLAT order, along with registered association leaders representing 26,500 homebuyers from eleven Supertech Ltd projects, filed an Intervention Application (IA), now referred to as the 'Common IA,' to safeguard the homebuyers' rights. This application has been accepted by the NCLT.
The chairperson instructed IRP Hitesh Goel to address the demands of the homebuyers. A group of buyers from various Supertech projects, including North Eye, Ecociti, Romano, and Cape Town in Noida; Ecovillage 1, Ecovillage 3, and Sports Village in Greater Noida; Upcountry on Yamuna Expressway; Araville and Hilltown in Gurugram; and Micasa in Bengaluru, filed this application. They expressed support for NBCC, as long as the plan is favorable to the homebuyers.
The association asked NBCC to submit a resolution plan that takes into account key demands from the homebuyers. One of their requests was for a forensic audit of Supertech, to help NBCC create a strong plan that benefits all stakeholders and avoids the issues faced in the Amrapali case.
The homebuyers also demanded the complete removal of Supertech's management and insisted there should be no price increase for existing buyers. The court has asked for suggestions and objections from various stakeholders, including homebuyers and banks, within two weeks. The IRP was told to gather all the feedback, upload it on Supertech's website, and submit it to the court.
During the hearing, the IRP's lawyer opposed NBCC's proposal, saying he received objections from 10 homebuyers. In response, NBCC's lawyer mentioned that they had received over 500 emails from homebuyers in support of NBCC.
Nearly 1,900 homebuyers from various projects have shown their support for NBCC, as long as the plan is friendly to buyers. They back NBCC, which has indicated its willingness to take over the projects.
In conclusion, as the NCLT proceedings unfold, the homebuyers of Supertech Ltd are actively seeking solutions that protect their investments. The acceptance of the 'Common IA' and the strong backing for NBCC signify a crucial moment in addressing long-standing grievances. The call for a forensic audit and management changes reflects the urgency for transparency and accountability. With various stakeholders encouraged to provide input, the outcome of this case could set a precedent for similar situations in the real estate sector, emphasizing the importance of homebuyer rights and stakeholder collaboration.
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