Priya Gour
Published on: August 27, 2022 at 16:56 IST
The Supreme Court bench of Justice DY Chandrachud, Justice JB Pardiwala, and Justice Surya Kant has directed Interim Resolution Professional (IRP) of Supertech Ltd. to deposit Rs. 1 Crore with the Supreme Court Registry before September 30, 2022. The bench was hearing a plea and issued the direction to provide relief to homebuyers.
Amicus Curiae Gaurav Agarwal and the IRP shall jointly work out the outstanding dues of the homebuyers and submit the necessary details.
The Court ordered that, “In order to ensure that the homebuyers who are covered by the judgement of this court get some refund of their outstanding dues, we direct the IRP to deposit an amount of Rs. 1 crore with the registry of this court on or before 30th September, 2022.”
A contempt petition was filed by the flat buyers of Supertech. They complained of disobedience of refund directions to the flat buyers, according to the August 2021 judgement. The court had ordered to demolish the Company’s twin towers since they did not comply with the building rules.
The Amicus Curiae, Gaurav Agarwal, informed the Court of the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, which is confined to the current eco project.
“Supertech is in under hybrid CIRP. Eco Village Project is under insolvency proceedings.”
The National Company Law Appellate Tribunal directed that 70% of the revenue generated be used for construction and 30% for administrative expenses, and the amount to be paid to the homebuyers be paid on a pro-rata basis. After a joint meeting, the decisions for the months for completing existing projects, assets from inventory to be sold, and expenses required for running companies will be finalized.
The Bench said, “We can’t say pay in 30 days. Because both interests have to be maintained.”
Agrawal requested the court for a schedule for repayment of the dues of the homebuyers as per the 2021 judgment. The counsel appearing for the homebuyers requested the Bench to direct that his clients would be paid in full through instalments.
Earlier, the Apex Court had ordered Supertech to separate the claims of homebuyers and creditors, and the Noida authorities were ordered to demolish the twin-towers by August 28.
Thereby, the matter has been listed to be heard in October, 2022.