Supreme Court Issues Notice On NBCC Plea Seeking RERA Exemption For 16 Supertech Projects
The Supreme Court on Monday issued notice on National Buildings Construction Corporation (India) Ltd's plea against the National Company Law Appellate Tribunal's refusal to exempt it from statutory requirements under the Real Estate (Regulation and Development) Act, 2016 (RERA).
The exemption was sought in connection with NBCC's role in completing 16 stalled Supertech Ltd projects.
A bench of Chief Justice Surya Kant and Justices Joymalya Bagchi and V. Mohana issued a notice on the plea. The matter has been posted for hearing on September 24, 2026.
The NCLAT, in its May 22, 2026 order, held that it was “not competent to grant any exemption” from statutory provisions under RERA.
NBCC had sought exemption from several RERA requirements. These included maintaining a separate bank account and depositing 70% of amounts realised from allottees into that account.
It had also sought exemption from requirements relating to allottee approvals. Another request concerned prior consent of allottees for the transfer or assignment of majority rights and liabilities of a promoter.
The NCLAT, however, noted that it had already issued directions to the relevant statutory authorities.
These authorities included the RERA authorities. The tribunal had directed them to consider and grant the necessary approvals within a time-bound period.
The NCLAT held that these directions sufficiently protected NBCC's interests. It therefore rejected the request for a statutory exemption
The case concerns NBCC (India) Ltd's application seeking modification and clarification of NCLAT's December 12, 2024 order concerning completion of 16 Supertech Ltd. projects. Supertech's CIRP had commenced on March 25, 2022 following Union Bank of India's Section 7 application.
NBCC had subsequently proposed to undertake construction of the 16 projects.
It also held that the Apex Court Committee was the final authority over project wise decisions, clarified that NBCC was only required to facilitate obtaining the ₹100 crore initial finance and not contribute it from its own funds, and fixed its 8% fee as 7% PMC fee plus 1% marketing fee.
In parallel, the Supreme court on April 20, 2026 requested the NCLAT to examine whether a court-constituted committee should oversee all projects of Supertech Ltd or whether such monitoring should continue only for the 16 projects already entrusted to NBCC, noting the urgency arising from stalled developments.
The top court's directions come in light of its earlier judgment dated February 5, 2026, where it upheld the NCLAT's decision to entrust 16 stalled projects of Supertech to NBCC under a court-monitored framework, aimed at safeguarding homebuyers awaiting possession for over two decades.