Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: 25 August 2026
Case Overview
This order from the NCLAT Principal Bench addresses multiple Interlocutory Applications (IAs) filed in the ongoing Company Appeal (AT) (Insolvency) No.406 of 2022. The appeal was filed by Ram Kishor Arora, Suspended Director of Supertech Ltd., against Union Bank of India & Anr. The proceedings involve the corporate insolvency resolution process of Supertech Ltd., a major real estate developer. The Apex Court Committee is overseeing the management of 16 NBCC projects within the Supertech portfolio. Key issues raised include significant delays in the construction timeline, with work not commenced as per the previous order dated 06.05.2026, which mandated starting the awarding process by 31.07.2026 and commencement of construction within a month. Additional grievances include water logging in the basements of the Supertech Ecociti and Supertech 34 Pavilion projects, non-payment of employee salaries for the last three months, and requests for the substitution of the Apex Court Committee in place of the Interim Resolution Professional (IRP).
Final Outcome
The tribunal adjourned the matter to 14 September 2026 for further hearing. It issued specific directions: (1) The Apex Court Committee must file a detailed status report within two weeks on steps taken regarding the ongoing projects and the construction delays. (2) The Committee must also consider the issue of unpaid employee salaries. (3) Responses are to be filed within a week concerning the application for substitution (I.A. No.5955 of 2026) and the application regarding a no-dues certificate from Bank of Baroda (I.A. No.3301 of 2026). (4) The issue of lawyer fees for the IRP (I.A. No.4824 of 2026) is to be considered by the Apex Court Committee. (5) Four I.As. (Nos. 2250, 2251, 2760, 2762 of 2026) related to maintenance of the Ecociti and 34 Pavilion projects were segregated and listed for a hearing on 07 October 2026. The practical consequence is a continuation of the oversight by the Apex Court Committee with specific deadlines to address operational and financial hurdles in the resolution process.
Topics: Corporate Insolvency, Real Estate Construction, Regulatory Compliance