The National Company Law Appellate Tribunal (NCLAT) has appointed NBCC (India) Limited as Project Management Consultant for the completion of 16 projects of Supertech Ltd.
NBCC will Complete 16 projects with 49,748 nos. of houses in Uttar Pradesh, Uttarakhand, Haryana, and Karnakata.
The tentative construction cost of the project is approx Rs. 9,445 crore including 3% contingency. The PMC fees are fixed at 8% including 1% marketing fee.
NBCC shall obtain the necessary finance of Rs.100 crores as suggested and deposit it in the account named “NBCC (I) Ltd. – Supertech Unfinished Project” which shall be spent as per the decision of the Apex Court Committee for carrying out the Project.
The NCLAT didn’t allow an exemption to NBCC (I) Ltd. from complying with statutory requirements under different statutes regulating building regulations and the Real Estate (Regulation and Development) Act, 2016.
The NBCC has been appointed as the Project Management Consultant (PMC) with no liability, and it will complete the Supertech projects within three years.
The matter was heard before the bench of Justice Ashok Bhushan (Chairperson), and Barun Mitra (Technical Member).
