Noida: National Company Law Appellate Tribunal (NCLAT) has asked NCLT (National Company Law Tribunal) and Insolvency and Bankruptcy Board of India (IBBI) to suggest a new interim resolution professional (IRP) within a week for 16 stalled Supertech projects.The move became necessary after Supertech’s earlier IRP, Hitesh Goel, was suspended by IBBI for two years in March this year, when its disciplinary committee found lapses, including failure to disclose material information in the information memorandum, delay in convening the first committee of creditors meeting and an inordinate delay in filing an avoidance application.“We have been informed that an application for appointment of the IRP has been dealt with by the NCLT and IBBI is directed to suggest the names. Let the said process be complete within a week from today,” NCLAT said in its order on Friday.The new IRP will be crucial beyond the insolvency process. NCLAT has said the appointee will head the apex court committee overseeing the stalled projects and chair the project-wise court committee. In simple terms, the person will be central to coordinating the mechanism through which the projects are to be completed.The tribunal also flagged delays in the revival plan. NBCC had to complete key steps, including statutory permissions, awarding construction work, handover of projects and arranging funds, by July 31. It was then supposed to award contracts within a month and begin construction on Oct 1.A Sept 10 status report, however, flagged difficulties but gave no fresh completion dates. The committee told the tribunal that a Sept 20 meeting with NBCC would fix firm timelines. The matter will be heard again on Sept 25.Supertech entered insolvency proceedings in March 2022 after Union Bank of India moved NCLT over a Rs 432 crore loan default over Eco-Village 2 project. On Dec 12, 2024, NCLAT appointed NBCC to complete the 16 stalled projects. Supreme Court upheld that arrangement in Feb 2026.The 16 Supertech projects together have 49,748 homes, with nearly 14,000 flats still to be delivered.
