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Supertech twin tower Supreme Court govern refund to 15 buyers from Rs 1 crore deposited by IRP

New Delhi: The Supreme Court said on Friday that 15 home buyers of the now razed twin-towers of real estate firm Supertech in Noida would be refunded Rs 1 crore to 15 home buyers deposited by the Interim Resolution Professional (IRP).

DY Chandrachud and Hima Kohli, a bench of justice, directed that Rs 1 crore more be deposited by the Interim Resolution Professional by December 8 and be payout to the 15 home buyers.

The Supreme court listed the matter for December 13 for a resumed hearing.

The top court was hearing a batch of contempt petitions filed by home buyers seeking a refund per last year’s court order.

Supreme court issued an order

The supreme court issued an order on August 26 that SC assured the home buyers of the razed 40-storey twin towers would refund the total amount they had deposited to the builders.

The apex court had asked the Interim Resolution Professional of the firm, facing insolvency proceedings, to deposit Rs 1 crore with the apex court registry.

The twin towers at Emerald Court Project in Sector 93A, Noida, were demolished using explosives on august 28, 2022.

Earlier, the court had noted the submission of friend of court, Gaurav Agarwal, at present, the corporate IRP of the company is restricted only to the Supertech Eco Village Project and the National Company Law Appellate Tribunal (NCLAT) has said 70 per cent of the income of the company will be used for accomplished the construction of holdup projects, and 30 per cent money could be spent toward management purposes.

Supertech Ltd has an inflow of Rs 20 crore per month

The amicus had said Supertech Ltd has an inflow of Rs 20 crore per month, of which Rs 15 crore goes towards the construction of the stalled project and the remaining Rs 5 crore is meant for management purposes.

The Interim Resolution Professional had earlier ordered the IRP to separate the claims of home buyers from other builders and attempt to refund buyers’ money on priority.

Earlier, the former management of Supertech had told the supreme court that only 59 home buyers remained to be refunded.

In contrast, the other buyers have either gotten back their money or shifted to other apartments constructed by the builders.

Supreme court issued an order to demolish Supertech’s twin 40-storey towers

On August 28, the top court issued an order to demolish Supertech’s twin 40-storey towers, which it had held illegally for violating rules and law.

The National Company Law Tribunal (NCLT) had declared it bankrupt on a plea filed by the Union Bank of India over non-payment of around Rs 432 crore worth of dues.

The Supreme court had ordered that the entire amount of the flat be refunded with a 12 per cent interest rate from the day of the booking of the flat. and the Resident Welfare Association of Emerald Court project be paid Rs 2 crore for the bother caused due to the construction of the twin towers, which obstruct sunlight and fresh air to the existing residents of the society adjoining the national capital Delhi.

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