SC directs Supertech to deposit Rs 5 cr within four weeks


The apex court on Tuesday directed realty firm Supertech Ltd to deposit Rs 5 cr more within four weeks to refund to the homebuyers who are having a hard time paying the EMIs on loan taken from banks and have opted out of the company’s building project in Noida.


A bench comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud considered the submission of lawyer Gaurav Agrawal, who is assisting in his capacity as an amicus curiae, that the money to the tune of Rs 10.40 cr, which was lying with the apex court registry, should be utilised to pay back the homebuyers in its Emerald Towers project.


"It is submitted by Gaurav Agrawal, amicus curiae, that the amount lying in deposit may be released in favour of the home-buyers subject to the undertaking by them that they will pay to the bank and get the original documents released, so that the same can be given back to the appellant-developer.” 


Just the other day, the Supreme Court had set up a three-member panel headed by former Delhi High Court judge Justice S N Dhingra for speedy auction of real estate major Unitech Ltd's unencumbered immovable properties of over 600 acres to pay back the hassled home buyers. A bench headed by Chief Justice Dipak Misra gave the liberty to Justice Dhingra to nominate a Chartered Accountant and a valuer for speedy auction of the firm’s land. 


Unitech Ltd has recently given a list of its unencumbered land properties located at Agra, Varanasi, Bengaluru and near Chennai.

Written by The Realty Paper

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