Supertech twin towers: SC says interest of homebuyers will be protected
“There is our order for a refund. We will protect the interest of those home buyers”, a bench presided by Justice D Y Chandrachud said.
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The bench, also comprising Justice Surya Kant, asked the homebuyers to submit their claim for refunds by April 15. (File)The Supreme Court Monday sought to assure that it will protect the interests of home buyers who had invested in the 40-storey Emerald Court twin tower project of real estate developer Supertech Ltd, which was declared bankrupt by the National Company Law Tribunal (NCLT).
“There is our order for a refund. We will protect the interest of those home buyers”, a bench presided by Justice D Y Chandrachud said.
The bench, also comprising Justice Surya Kant, asked the homebuyers to submit their claim for refunds by April 15.
Supertech Ltd, meanwhile, told the court that it will challenge the NCLT order which came on a plea by the Union Bank of India over the non-payment of about Rs 432 crore dues.
The counsel for Supertech said that though the court had fixed March 31 deadline for completing the refunds, this was delayed as the company was declared insolvent on March 25.
Advocate Gaurav Agarwal, who is the amicus curiae in the matter, and the counsel for the former management of the real estate firm informed the bench that out of a total of 711 home buyers, claims of 652 had been settled and only 59 remained.
The bench further ordered that “the amount of claims of homebuyers shall be segregated from other claims of financial creditors”. The court will now hear the matter on May 8.
The Supreme Court had on August 31, 2021, ordered the demolition of the twin towers for violating building norms in “collusion” with NOIDA officials. The top court held that the construction has to be dealt with strictly, to ensure compliance with the rule of law.
In February, the NOIDA authority had informed the top court that the demolition work had started and will be completed by May 22.
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