Return Money by Jan 17 or Face Jail: Supreme Court to Supertech Directors

"Ensure that the payments are made by Monday, else there would be consequences", a bench headed by Justice DY Chandrachud said,

Updated: January 12, 2022 5:02 PM IST

By India.com News Desk | Edited by Surabhi Shaurya

Supertech-Emerald
Supertech-Emerald

New Delhi: In a huge relief to the home buyers, the Supreme Court on Wednesday directed real estate firm Supertech to return money to them (home buyers) by January 17, Monday for flats that are being demolished in its Emerald Court project or face imprisonment. The top court further reprimanded the directors of the real estate firm over non-payment to homebuyers, saying ‘you are looking for all sorts of reasons to not comply with our order’.

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“We will send your directors to jail now! They are playing truant with the Supreme Court!… Interest cannot be charged on Return of Investment! You are looking for all sorts of reasons to not comply with the order of the court. Ensure that the payments are made by Monday, else there would be consequences!”, Live Law quoted Justice D Y Chandrachud as saying.

Earlier last year, the Supreme Court besides directing demolition of Supertech twin towers in Noida and refund for the flat purchasers, had ordered prosecution of errant NOIDA and real estate company officials under Section 49 of Uttar Pradesh Urban Development (UPUD) Act for their “nefarious complicity”, which resulted in the construction of towers.

The two towers, Apex and Ceyane of Emerald Court Project of Supertech situated in sector 93A of NOIDA, together have 915 apartments and 21 shops. Of these, 633 flats were booked initially. The builder had said that out of 633 people booking the flats initially, 133 have moved out to other projects, 248 have taken refunds and 252 home buyers still had bookings in the project.

In its 140-page judgment, the bench noted the real estate firm raised false pleas and attempted to mislead the court, while the officials of NOIDA have not acted bona fide in the discharge of their duties. The top court had said the demolition of towers should be carried out within 3 months and the builder will bear its cost.

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Published Date: January 12, 2022 5:01 PM IST

Updated Date: January 12, 2022 5:02 PM IST