This decision follows persistent demands from homebuyers who argued that NBCC's intervention was necessary after Supertech failed to deliver on its commitments.
Insolvency appellate tribunal NCLAT, in its order, highlighted that NBCC must go beyond its typical role as a project management consultant and ensure the completion of all projects.
"Looking to the special features of the project and the plight of homebuyers who have been waiting for their units for the last several years, NBCC shall not treat its obligations only as a project management consultant and shall go an extra mile to ensure that the project is completed and all unnecessary and extra cost be avoided due to limited resources of fund for completion of the project. NBCC has to play role not only project management consultant, but an entity who is entrusted to monitor completion of the entire project," said the order delivered by an NCLAT bench led by chairman Justice Ashok Bhushan and member technical Barun Mitra.
The case dates back to March 2022, when the corporate insolvency resolution process for Supertech was initiated by Union Bank of India (UBI).
This story is from the December 13, 2024 edition of Hindustan Times Gurugram.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 13, 2024 edition of Hindustan Times Gurugram.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
This is news to me: Madhavan on rumours of his casting in Raghava Lawrence-starrer
Soon after rumours started circulating online that actor R Madhavan had been cast as the antagonist in the upcoming film Benz from the Lokesh Kanagaraj Cinematic Universe (LCU), the 52-year-old took to X to clear the air.
MY GRANDSONS INTRODUCED ME TO MICHAEL JACKSON, JUSTIN BIEBER AND BTS: USTAD AMJAD ALI KHAN
The sarod virtuoso reveals he loves listening to Western music
Jared Leto in talks to join cast of upcoming JFK thriller
Scar-winning actor Jared Leto is set to board the ensemble cast of Assassination, a highly anticipated thriller directed by filmmaker Barry Levinson.
OTT IS NOW ABOUT STARS, COMEBACKS
Actor Divya Dutta speaks about how good writing and good casting is the star for her, irrespective of the medium
Female comics can soon outnumber the boys: Gurleen
Stand-up comedian Gurleen Pannu is known for her spontaneity and one-liners.
You can't do that, says Vishal Krishna on Tamil body demanding ban on social media reviews
Everyone has the right to expression... If your film is good, they will talk about it. If your film is not good, they will not talk about it. VISHAL KRISHNA, Actor-filmmaker
'WHEN I GOT FAME, I KNEW IT WASN'T BECAUSE OF ME'
Model-turned actor Rohman Shawl recently made his feature film debut with the Tamil project Amaran, and he is basking in the appreciation his role as the antagonist has brought him.
I have been manifesting this for 10 years: Riddhima on meeting PM Modi
Riddhima Kapoor Sahni; (inset) Sahni with PM Modi
Doing roles that I've never done before is very exciting
Actor Kunal Kapoor has a lot to look forward to.
TREESA-GAYATRI BOW OUT OF BWF WORLD TOUR FINALS
Indian women's doubles pair of Treesa Jolly and Gayatri Gopichand missed out on a semifinal spot at the BWF World Tour Finals after losing to Japan's Nami Matsuyama and Chiharu Shida in straight games in their third and final group A match here on Friday.
