SC orders Supertech to deposit another Rs. 10 crore by September 22

SC orders Supertech to deposit another Rs. 10 crore by September 22
16/08/2017 , by , in News/Views

The Supreme Court on Monday directed builder Supertech to deposit another Rs 10 crore with the court’s registry till September 22. This money will be refunded to flat buyers of its twin-tower project in Noida who want their money back. This will take the total deposit by the real estate firm to Rs 20 crore. The company has already deposited Rs 10 crore in the court’s registry

The apex court has also directed the real estate firm to process all the applications already filed by the home buyers seeking refund.

Counsel for some of the Emerald Court home buyers Shoeb Alam argued that Supertech was in breach of the order dated January 11, as it was not refunding the money to the home buyers who were not before the court. He also argued that the builder was breaching the SC’s March 27 order directing the firm to refund the principal amount to home buyers.

Court has now directed Supertech to deposit Rs 10 crore by September 22, which will be refunded to the home buyers seeking refunds on a pro-rata basis, according to Alam.

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