Supertech buyers reject Apex Group plan; seek NBCC takeover

New Delhi: For thousands of distressed Supertech homebuyers, it has been what seems like an endless wait. Having waited for 15 long years for their promised homes, buyers are now vehemently opposing the Apex Group's proposal submitted to the Supreme Court to take over 16 stalled Supertech projects as a “co-developer.” 

Their fears are stark: if the Apex Group takes over, they may never see their homes.

The homebuyers have written to the Chief Justice of India (CJI) and Prime Minister Narendra Modi, seeking urgent intervention to vacate the stay on the NCLAT’s December 12, 2024, decision awarding the projects to NBCC, the government-owned construction giant that has earned credibility through its successful completion of the Amrapali projects.

At the heart of the buyers’ objections is a technical but critical point under the Insolvency and Bankruptcy Code, no entity connected to the insolvent company can submit a resolution plan.

Since the Apex Group has been proposed as a “co-developer” by Supertech itself, buyers claim the move violates the IBC rules. 

“This is nothing but an attempt to bring in a proxy player who will protect Supertech’s interests, not ours,” said one homebuyer representative.

Equally significant is the fact that the Apex Group never presented its proposal to the IRP at any point since the resolution process began in 2022. Had the Apex Group been sincere, it would have submitted its plan to the IRP, who could then have sought the homebuyers’ views. Instead, the Apex Group surfaced only after the NCLAT passed its order on December 12, 2024, in favour of NBCC. 

It was then that the Apex Group approached the Supreme Court with its “sweet-candy proposal” and sought a stay on the NCLAT order.

Homebuyers believe this was a last-ditch effort by Supertech to block NBCC’s onboarding by pushing the Apex Group’s plan, dressed up with attractive terms and conditions that, in reality, are a trap designed to derail the NBCC takeover in the Supreme Court hearing on August 13. 

The Apex Group’s claim of raising Rs 500 crore upfront, followed by another Rs 1,500 crore, is viewed as highly unrealistic. Most of its financial projections, buyers say, are imaginary. 

And if these funds fail to materialise, who will compensate the buyers? For those who have already endured years of unfulfilled promises, the risk of being left with hollow promises again is unacceptable.

Concerns over the Apex Group’s financial capacity and track record only deepen the mistrust. The group has never executed stalled projects of this scale, and its balance sheet over the years offers no assurance that it could complete the 16 massive projects in just 2 years.

KK Kalra, General Secretary of the EV-2 Welfare Association, summed up the sentiment: “Supertech promised us the ‘moon’ in 2009-2010. Fifteen years down the line, we are still waiting. We continue to pay both EMI and the rent. How can we trust a small-time private builder with no strong financials or credibility to complete our homes, especially if it is promoted by Supertech itself?”

“Supertech is facing over three dozen FIRs for cheating and fraud, along with CBI inquiries into its financial wrongdoings. How can we trust any company (Apex Group) even remotely connected to Supertech?” asked one agitated homebuyer.

The buyers also reject the Apex Group’s claim of majority support, calling it “manipulated or fudged.” In reality, they insist, most buyers want NBCC, a trusted, government-backed company with a proven record, to take over.

“This is a chance to finally end our suffering,” said another buyer.

In their letters to the CJI and the Prime Minister, the buyers requested them to intervene in the matter.

“Hand over our projects to NBCC, a government-owned Navratna company that is widely regarded as capable, credible, responsible, conscientious and committed to delivering the homes we have been denied for over a decade. We trust none except NBCC,” read the letter.