NCLAT flags delays in Supertech insolvency process, IRP appointment

The National Company Law Appellate Tribunal (NCLAT) has directed the National Company Law Tribunal (NCLT) and the Insolvency and Bankruptcy Board of India (IBBI) to expedite the appointment of an interim resolution professional (IRP) for Supertech Ltd, which is undergoing Corporate Insolvency Resolution Process (CIRP).

A three-member bench of NCLAT, hearing the matter on Friday, instructed both authorities to submit recommended names within one week, citing concerns over the protracted delay in filling the critical position. The tribunal noted that the NCLT has already received an application for IRP appointment, with IBBI now tasked to forward suitable candidates.

Beyond the IRP appointment, NCLAT also expressed dissatisfaction with construction firm NBCC's failure to meet previously set deadlines for resuming construction work on Supertech's stalled residential projects. The tribunal's intervention underscores mounting pressure to accelerate the resolution process for thousands of homebuyers whose projects have remained incomplete.

Once appointed, the IRP will assume significant responsibilities, including heading the Apex Court Committee overseeing Supertech's stalled projects and chairing the Project-Wise Court Committee, positions critical to coordinating the revival efforts across multiple residential complexes.