SC directs Supertech to deposit Rs 7 crore by September 5

SC directs Supertech to deposit Rs 7 crore by September 5
31/07/2018 , by , in News/Views

The Supreme Court on Monday 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-storey residential buildings.

The apex court said as far as 24 home buyers, who are insisting on 14 per cent 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.

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