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Top Court directs Supertech to deposit Rs 7 crore by Sept 5

A bench headed by Chief Justice Dipak Misra asked the realtor to deposit the balance amount of Rs 13 crore by November-end to pay back the home buyers in its Emerald Towers project comprising two 40-story residential buildings.


PTI 30 Jul 2018, 02:08 PM India

The Supreme Court today directed realty firm Supertech Ltd to deposit Rs 7 crore by September 5 to refund 111 home-buyers who had taken loans from banks and opted out of its building project in Uttar Pradesh's Noida area.

A bench headed by Chief Justice Dipak Misra asked the realtor to deposit the balance amount of Rs 13 crore by November-end to pay back the home buyers in its Emerald Towers project comprising two 40-story residential buildings.

The apex court said as far as 24 home buyers, who are insisting on 14 percent per annum interest, are concerned they are directed to accept the proposal as per the calculation of the amicus curiae.

Advocate Gaurav Agrawal, who has been appointed amicus curiae in the case, told the court that to satisfy the claim of 111 home buyers, an amount of Rs 35 crore was required to be deposited out of which an amount of Rs 15 crore has already been deposited.

"A lump sum interest of Rs 1 crore shall be deposited before the registry of this court within the said period to compensate the delayed payment to the 111 + 24 buyers...

"The deposited amount along with interest shall be disbursed by the registry on pro-rata basis with the assistance of Gaurav Agrawal. The registry shall disburse the amount within a period of ten days hence," the bench, also comprising Justices A M Khanwilkar and D Y Chandrachud said.

The court, in August last year, had asked Supertech to deposit Rs 10 crore for refunding principal money to the investors who want to opt out of its Emerald Towers project.

The bench was hearing pleas against the Allahabad High Court's April 11, 2014, verdict ordering demolition of the two 40-story twin towers-- Apex and Ceyane -- in Noida and directing Supertech to refund money to home-buyers with 14 percent interest in three months.

The towers have 857 apartments, of which about 600 flats have already been sold.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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