Stalled projects of Supertech will be completed. (file photo)
Jagran correspondent, Noida. The Supreme Court has handed over the responsibility to National Building Construction Company (NBCC) to complete 16 stalled residential projects of Supertech in NCR. The company has achieved the target of completing all the projects in three years, but the company was facing the problem of where to raise funds to complete the projects, in such a situation their problems have come to a complete end.
PNB will give Rs 2,000 crore to the consortium of NBCC, at the possession stage of which the ready flat will be completed. With this, flat buyers will get their dream home as soon as possible.
This will also help in inflow of funds to the company, as five percent of the fund is outstanding with the buyers for taking possession of the flats, this will help in completing the projects. This has been confirmed by NBCC management.
The work will have to be completed in three years
Let us tell you that actually between 2010 and 2012, Supertech Group was to build this, but it did not complete these projects. Therefore, the Supreme Court has asked NBCE to complete the construction within the stipulated time limit of three years.
This will provide great relief to more than 27 thousand home buyers who have been waiting to take possession of the flat for more than a decade. In view of this problem, the Supreme Court upheld the order of the National Company Law Appellate Tribunal (NCLAT), which has approved the transfer of projects to NBCC to ensure timely completion of work and protect the interests of home buyers.
The court also made it clear that its order is final and binding, no court or forum will interfere in implementing the instructions issued to complete the projects.
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