Supertech twin tower demolition: Flat owners to be refunded in full
The Supreme Court also asked the Interim Resolution Professional (IRP) of the firm, facing insolvency proceedings, to deposit Rs one crore with the apex court's registry. On August 28, the 40-story twin buildings built by Supertech at the Emerald Court Project in Noida's Sector 93A are expected to be demolished.
FollowThe Supreme Court assured that the homebuyers of Supertech's 40-storey twin buildings in Noida, which are slated for demolition, will receive a full refund of the money they had paid to the builder. In addition, the apex court ordered the firm's Interim Resolution Professional (IRP), who is dealing with bankruptcy proceedings, to deposit Rs. 1 crore with the registry of the apex court.
On August 28, the 40-story twin buildings built by Supertech at the Emerald Court Project in Noida's Sector 93A are expected to be demolished.
A bench of Justices DY Chandrachud, AS Bopanna, and JB Pardiwala said that the home buyers of twin powers will get their total refund but for the time being, they will be paid from Rs one crore, which will be deposited by the IRP by September 30.
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The top court was hearing a batch of contempt petitions filed by home buyers seeking a refund as per the last year's order of court. The bench stated that it would see to it that the August 31, 2021 court judgement was followed and that the twin buildings' house owners received their refunds.
"We instruct the IRP to deposit a payment of Rs. 1 crore with the registry of this court on or before September 30," the statement said. "In the interim, to guarantee that the house purchasers who are covered by the judgement of this court obtain some reimbursement of their outstanding dues."
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The apex court had previously set August 21 as the date for demolishing the structures, which were deemed unlawful for going beyond the rules. Prior to this, it had been declared bankrupt by the National Company Law Tribunal (NCLT) after the Union Bank of India complained about the non-payment of debts of around Rs 432 crore.
The top court ruled on August 31 of last year that the towers under construction must be demolished within three months because they violated building codes in "collusion" with Noida officials. The court held that illegal construction must be dealt with strictly to ensure that the rule of law is upheld.
The top court had ordered that the entire amount paid by home buyers be refunded with 12% interest from the time of the booking and that the RWA of the Emerald Court project receive Rs 2 crore as compensation for the harassment brought on by the twin tower construction.
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